Clarifies that any change in producer compensation is a contract modification for property and casualty insurance producers.

This bill amends the Producer Licensing Act to clarify that any change in producer compensation is considered a contract modification. It requires property and casualty insurance companies to provide written notice of intent to modify a contract or cancel the authority of an insurance producer at least 180 days before the proposed effective date. The company must continue to renew the expiring policies of the insurance producer for 14 months at the same compensation rate.

Clarifies that any change in producer compensation is a contract modification for property and casualty insurance producers.

This bill amends the Producer Licensing Act to clarify that any change in producer compensation is considered a contract modification. It requires property and casualty insurance companies to provide written notice of intent to modify a contract or cancel the authority of an insurance producer at least 180 days before the proposed effective date. The company must continue to renew the expiring policies of the insurance producer for 14 months at the same compensation rate.