Section 3964.175. Liability for penalty

Latest version.

If a protected cell captive insurance company is liable for any penalty, under this chapter or otherwise, due to an act or the failure to act of a protected cell or an officer or director of a protected cell, then both of the following apply:
(A) The penalty shall only be met by the protected cell captive insurance company from the cell assets of the protected cell responsible.
(B) The penalty shall not be enforceable in any way against any other assets of the protected cell captive insurance company or assets of any other protected cell.

Added by 130th General Assembly File No. TBD, HB 117, §1, eff. 9/17/2014.

                    
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