Clarifies that any change in producer compensation is a contract modification.

This bill amends the Producer Licensing Act to clarify that any change in producer compensation is considered a contract modification. It also mandates that property and casualty insurance companies must provide written notice of intent to cancel an insurance producer's authority at least fourteen months before the proposed effective date. Additionally, the company must renew expiring policies of the producer for fourteen months at the same compensation rate if the producer meets the company's underwriting guidelines. The bill takes effect upon passage.

Clarifies that any change in producer compensation is a contract modification.

This bill amends the Producer Licensing Act to clarify that any change in producer compensation is considered a contract modification. It also mandates that property and casualty insurance companies must provide written notice of intent to cancel an insurance producer's authority at least fourteen months before the proposed effective date. Additionally, the company must renew expiring policies of the producer for fourteen months at the same compensation rate if the producer meets the company's underwriting guidelines. The bill takes effect upon passage.