Insurance Law 3433 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 3432 Immunity; reports to certain public officials and to designated organizations up ARTICLE 34 Insurance Contracts-property/casualty next SECTION 3434 Motor vehicle insurance policies; disabled persons; prohibitions against cancelling, refusing to issue or renew policies Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 3433 Termination of contracts or accounts of licensed agents or brokers; prohibition; geographical location Insurance (ISC) CHAPTER 28, ARTICLE 34 § 3433. Termination of contracts or accounts of licensed agents or brokers; prohibition; geographical location. (a) No insurer shall terminate or refuse to renew a contract or account of a licensed agent or broker who negotiated policies of: (1) fire insurance or fire and extended coverage insurance or (2) automobile insurance subject to section three thousand four hundred twenty-five of this article when such termination or refusal to renew is based solely on the geographical location of the agent or broker or of the risks for which coverage is afforded through such agent or broker. (b) The superintendent shall by regulation establish procedures requiring notification to such agents or brokers of the insurer's specific reason or reasons for termination or refusal to renew the agent's or broker's contract or account.