N.Y. Insurance Law § 3433: Termination of contracts or accounts of licensed agents or brokers; prohibition; geographical location

§ 3433. Termination of contracts or accounts of licensed agents or

brokers; prohibition; geographical location. (a) No insurer shall

terminate or refuse to renew a contract or account of a licensed agent

or broker who negotiated policies of:

(1) fire insurance or fire and extended coverage insurance or

(2) automobile insurance subject to section three thousand four

hundred twenty-five of this article when such termination or refusal to

renew is based solely on the geographical location of the agent or

broker or of the risks for which coverage is afforded through such agent

or broker.

(b) The superintendent shall by regulation establish procedures

requiring notification to such agents or brokers of the insurer's

specific reason or reasons for termination or refusal to renew the

agent's or broker's contract or account.