Sec. 4051.353. NOTICE REQUIRED BEFORE TERMINATION OR SUSPENSION OF CONTRACT. (a) An insurer may not terminate or suspend a contract with an appointed agent that has been in effect for at least two years unless the insurer provides written notice of the termination or suspension to the agent at least six months before the date the termination or suspension takes effect.
(b) A contract that replaces or revises a contract that has been in effect for at least two years is subject to this subchapter if there has not been a material change in the ownership of the agency.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Structure Texas Statutes
Title 13 - Regulation of Professionals
Chapter 4051 - Property and Casualty Agents
Subchapter H. Termination or Suspension of Agent Contracts by Property and Casualty Insurers
Section 4051.351. Applicability of Subchapter
Section 4051.352. Suspension of Agent's Contract; Other Definitions
Section 4051.353. Notice Required Before Termination or Suspension of Contract
Section 4051.355. Renewal of Insurance Contracts After Notice of Termination or Suspension
Section 4051.356. Insurer Refusal to Renew Agent's Business Prohibited
Section 4051.357. Insurer Approval for New Business or Increase in Liability
Section 4051.359. Payment of Money Due Insurer
Section 4051.360. Revision of Termination Provisions of Agent's Contract