Public-domain · open source
OpenJurist

Tex. Ins. Code § 751.351

SANCTIONS

Known as the Insurance Market Conduct Surveillance Act

The act spans §§ 751–751 (29 sections).

Added by Acts 2005, 79th Leg., Ch. 291 (S.B. 14), Sec. 3, eff

(a) The commissioner may impose sanctions under Chapter 82 against an insurer determined, as a result of a market conduct action or other action under this chapter, to have violated this code, a rule adopted under this code, or another insurance law of this state.

(b) In determining an appropriate sanction under Subsection (a) the commissioner shall consider:

(1) any actions taken by the insurer to maintain membership in, and comply with the standards of, best-practice organizations that promote high ethical standards of conduct in the insurance marketplace; and

(2) the extent to which the insurer maintains regulatory compliance programs to self-assess, self-report, and remediate problems detected by the insurer.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.