§ 3433 — Termination of contracts or accounts of licensed agents or brokers; prohibition; geographical location

§ 3433. Termination of contracts or accounts of licensed agents or\nbrokers; prohibition; geographical location. (a) No insurer shall\nterminate or refuse to renew a contract or account of a licensed agent\nor broker who negotiated policies of:\n (1) fire insurance or fire and extended coverage insurance or\n (2) automobile insurance subject to section three thousand four\nhundred twenty-five of this article when such termination or refusal to\nrenew is based solely on the geographical location of the agent or\nbroker or of the risks for which coverage is afforded through such agent\nor broker.\n (b) The superintendent shall by regulation establish procedures\nrequiring notification to such agents or brokers of the insurer's\nspecific reason or reasons for termination or refusal to renew the\nagent's or broker's contract or account.\n