N.Y. Comp. Codes R. & Regs. tit. 11 § 218.4

Current through Register Vol. 46, No. 45, November 2, 2024

Section 218.4 - Notices to agents or brokers

(a) All notices to agents or brokers that their contract or account is to be terminated, in whole or in part, shall state the specific reason or reasons for such termination. A specific reason shall not be an unsupported general statement, such as "insufficient volume" or "poor loss ratio".

(b) All such notices shall be mailed or delivered to the affected agent or broker at least 30 days prior to the effective date of such termination or such greater period as may be provided for in the contract or account, except that a lesser period is permitted where the insurer alleges that the agent or broker has acted in an untrustworthy manner.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 218.4