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Agency termination
Agency termination
One of the companies I represent just confronted me with a nine-year loss ratio and asked me to voluntarily terminate my contract with them. They say that they will then re-appoint me for commercial lines only. I cannot get the loss and reserve figures they are using to arrive at this loss ratio. Should I go along with them?
Agent’s rights
What rights do I have when an insurer wants to terminate my contract with them?
Failure to meet volume requirement
Can a company terminate an agency solely due to volume?
Run-off provisions; exception
Our agency had a producer terminated by a fire insurer for lack of production. At the time, the company said they would renew policies for us during the 18-month run-off period with the expectation that “your agency appointment will remain in full force until all business is placed elsewhere.”
Then, seven months before the 18-month period expired, we received a copy of a “producer appointment cancellation notice” they had filed with the Connecticut Insurance Department, canceling the producer’s authority with them. Isn’t the insurer a little premature in doing this?
Also, we had a producer canceled by a health insurance company. Do termination rights apply with this line of insurance?
Adverse underwriting experience
Can an insurance company cite adverse underwriting experience as a reason to terminate my agency agreement?