If there is one constant philosophy found in the legislative process, it is a strong reluctance by lawmakers to interfere in the contractual relationships that form a crucial part of the underlying structure upon which an industry is built. This is seen not only in the legal agreements between companies and consumers, but also between the legal relationships between the parties within the same industry. This public policy position was on full display when the House Insurance Committee recently debated a bill, which would have required insurers to give agents a 120-day notice when it decided to terminate their contract. Additionally, the 120-day notification provision could not be decreased per the terms of an agreement between an insurer and an agent, as is the case under current law.

Background

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.