AN ACT RELATING TO INSURANCE -- PRODUCER LICENSING ACT

SB 315 clarifies that any change in an insurance producer's compensation is considered a "contract modification," requiring insurers to provide 180 days' written notice before implementing such changes. It directly affects insurance producers who work with multiple insurers, protecting them from sudden payment adjustments without advance notice. The bill mandates that insurers must give this 180-day notice for compensation changes, aligning with existing 14-month notice requirements for contract cancellations. This defines a specific procedural safeguard for producers' compensation terms within the Producer Licensing Act. The bill takes effect upon passage and has been referred to the Senate Commerce Committee.