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This entry was published on 2014-09-22
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Insurance (ISC) CHAPTER 28, ARTICLE 76
§ 7614. Penalties. (a) If any insurer fails to file any return or make
any payment required by this article, or if the superintendent has cause
to believe that any return or other statement filed is false or
inaccurate in any particular, or that any payment made is incorrect, he
may examine all the books and records of the insurer to ascertain the
facts and determine the correct amount to be paid and may proceed in any
court of competent jurisdiction to recover for the benefit of the fund
any sums shown to be due upon such examination and determination.

(b) Any insurer which fails to make any such required statement, or to
make any payment to the fund when due, shall thereby forfeit to the
appropriate fund a penalty of five percent of the amount determined to
be due plus one percent of such amount for each month of delay, or
fraction thereof, after the expiration of the first month of such delay.
If satisfied that the delay was excusable, the superintendent may remit
all or any part of the penalty.

(c) The superintendent, in his discretion, may revoke the certificate
of authority to do business in this state of any foreign insurer which
fails to comply with this article or to pay any penalty imposed