375.039. Commercial risks, certain class, cancellation, written notice to agent required, when. - Missouri Statutes

Commercial risks, certain class, cancellation, written notice toagent required, when.

375.039. 1. No insurer may cancel, terminate or otherwise withdrawcoverage for a certain class of commercial risk, unless written notice of suchcancellation, termination, or withdrawal is given to the insurer's independentinsurance producer authorized to sell such insurance coverage at least sixtydays prior to such cancellation, termination or withdrawal.

2. The provisions of subsection 1 of this section shall not apply if thecancellation, termination or withdrawal of coverage by an insurer is by reasonof reinsurance requirements, adverse loss experience, or by the requirement ofthe Missouri department of insurance, financial institutions and professionalregistration. In these circumstances, the notice described in subsection 1 ofthis section shall be given at least thirty days prior to such cancellation,termination or withdrawal.

(L. 1985 S.B. 329, A.L. 2001 S.B. 193)

Effective 1-01-03