58-30-8.1. Notice required for termination of agency contract for fire and casualty lines--Extension of coverage on previous policies.

No insurance company may terminate the agency contract of an insurance producer writing fire and casualty lines of insurance except upon ninety days' notice in writing given by the company to the insurance producer. The company shall, upon a terminated insurance producer's request, extend the coverage of any policy which has been written by the insurance producer in the company and which expires or has its anniversary date during the ninety-day period to the end of the ninety-day period if the insured pays the premium therefor. The company may terminate an insurance policy on its anniversary date if the anniversary date occurs after the expiration of the ninety-day period.

Source: SL 1971, ch 271; SL 2001, ch 286, § 158.

58-30-8.2. Notice requirements inapplicable to exclusive agencies or termination for cause.

The provisions of § 58-30-8.1 do not apply to those agency contracts in which the insurance producer agrees to represent exclusively one company or a group of companies under common management or to the termination of an insurance producer's contract for insolvency, abandonment, gross and willful misconduct, or failure to pay over to the company moneys due to the company after the insurance producer's receipt of a written demand therefor, or after revocation of the insurance producer's license by the director.

Source: SL 1971, ch 271; SL 2001, ch 286, § 159.