Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 21 - TRADE PRACTICES
Subchapter D - STATISTICAL AGENTS
Section 21.301 - Performance Standards for Designated Statistical Agent
Current through Reg. 50, No. 13; March 28, 2025
(a) Definitions. The following words and terms when used in this section have the following meanings unless the context clearly indicates otherwise.
(b) Each designated statistical agent must comply with the agreed upon standards of performance.
(c) If, after notice and the opportunity for a hearing, the Commissioner determines that a designated statistical agent has failed to comply with the agreed upon standards of performance, the Commissioner may impose sanctions against the designated statistical agent under Insurance Code Chapter 82, including but not limited to an administrative monetary penalty under Insurance Code Chapter 84.
(d) In determining the amount of the administrative monetary penalty, the Commissioner will consider the following factors described in this subsection.
(e) The amount of the administrative monetary penalty may not exceed $25,000 for each act of noncompliance.
(f) The department reserves the right to assert any and all other rights it may have against the statistical agents or other related parties, including its right to terminate the designation of a statistical agent, if appropriate.