375.035. Renewal after termination of producer's contract. - Missouri Statutes

Renewal after termination of producer's contract.

375.035. 1. Any insurer in this state shall, upon termination orcancellation of an independent insurance producer's contract, permit therenewal of all contracts of insurance written by the independent insuranceproducer for a period of one year from the date of termination, asdetermined by the underwriting requirements of the insurer. If any insuredfails to meet the current underwriting requirements of the insurer, theinsurer shall give the terminated independent insurance producer and theinsured thirty days' notice of its intention not to renew the contract ofinsurance.

2. Any insurer renewing contracts of insurance in accordance withthis section shall pay commissions for the renewals to the terminated orcanceled independent insurance producer in the same amount and manner aspaid to the independent insurance producer under the terminated or canceledcontract.

3. When the insurer renews a contract of insurance pursuant to thissection, the renewal shall be for a time period equal to the greater of oneyear or one additional term of the term specified in the original contract.

(L. 1979 H.B. 506 § 3, A.L. 2001 S.B. 193)

Effective 1-01-03