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