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This entry was published on 2023-05-12
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Insurance (ISC) CHAPTER 28, ARTICLE 77
§ 7720. Penalties. (a) If any member insurer fails to make any payment
required by this article, or if the superintendent has cause to believe
that any other statement filed is false or inaccurate in any particular,
or that any payment made is incorrect, the superintendent may examine
all the books and records of the member insurer to ascertain the facts
and determine the correct amount to be paid. Based on such finding, the
corporation 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 member insurer that fails to make any such required statement,
or to make any payment to the fund when due, shall forfeit to the
corporation for deposit in the 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
corporation may remit all or any part of the penalty.

(c) The superintendent, in the superintendent's discretion, may revoke
the certificate of authority to do business in this state of any foreign
member insurer that fails to comply with this article or to pay any
penalty imposed hereunder.