1. (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:

   1. (1) fails to pay an assessment at the time the assessment is due; or
   2. (2) otherwise fails to comply with the plan of operation.

2. (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:

   1. (1) five percent of the unpaid assessment per month; or
   2. (2) $100 per month.

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.