{"data":{"id":"us-tx/tex.-insurance-code-462.016","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 462.016","heading":"PENALTY FOR FAILURE TO PAY ASSESSMENTS OR COMPLY WITH PLAN OF OPERATION.","body":"(a) The commissioner shall suspend or revoke, after notice and hearing, the certificate of authority to engage in the business of insurance in this state of a member insurer that:\n(1) fails to pay an assessment at the time the assessment is due; or\n(2) otherwise fails to comply with the plan of operation.\n(b) As an alternative to action under Subsection (a), the commissioner may assess a fine on a member insurer that fails to pay an assessment at the time the assessment is due. The fine may not exceed the lesser of:\n(1) five percent of the unpaid assessment per month; or\n(2) $100 per month.\nAdded by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.","path":["INSURANCE CODE","TITLE 4. REGULATION OF SOLVENCY","SUBTITLE D. GUARANTY ASSOCIATIONS","CHAPTER 462. TEXAS PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION","SUBCHAPTER A. GENERAL PROVISIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.462.htm#462.016","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"e97b34b0e18955075c5bafe40f9360a909282f9f77a89b73fbe6681a784cf3f4","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-462.015","next":"us-tx/tex.-insurance-code-462.017"},"notice":"GroundRules: Original legal text. Not legal advice."}