FAILURE TO PAY; COLLECTION BY COMMISSIONER
Known as the Texas Life and Health Insurance Guaranty Association Act
The act spans §§ 463–463 (82 sections).
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff
On failure of a member insurer to pay an assessment when due, the commissioner may either:
(1) suspend or revoke, after notice and hearing, the insurer's certificate of authority to engage in the business of insurance in this state; or
(2) levy a forfeiture in an amount not less than $100 each month or more than five percent of the unpaid assessment each month.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.