Texas Insurance Code 84.050 – Remittance of Penalty and Interest
Current as of: 2024 | Check for updates
|
Other versions
(a) If the person paid the administrative penalty and if the amount of the penalty is reduced or the penalty is not upheld by the court, the court shall order, when the judgment becomes final, that the appropriate amount plus accrued interest be remitted to the person.
(b) The interest accrues at the rate charged on loans to depository institutions by the New York Federal Reserve Bank.
Terms Used In Texas Insurance Code 84.050
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) The interest shall be paid for the period beginning on the date the penalty is paid and ending on the date the penalty is remitted.