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Requires the insurer to notify the insurance commissioner within 30 days following the effective date of termination of a producers appointment, if the termination is for cause. The insurer also has a duty to promptly notify the insurance commissioner of any new facts learned after the termination.
An insurer must file a notice of appointment within 15 days after the contract is executed or the first application for insurance is submitted. Upon receipt of a notice of appointment, the Commissioner will determine within 30 days whether the producer is eligible for appointment.
An insurer shall, within 15 days from the date the agency contract is executed or the first insurance application is submitted or longer if specified by state law, after its appointment or termination of its agency relationship with a producer, notify the commissioner (director) in a format prescribed by the
Appointment Terminations Section 15 of the PLMA imposes a requirement on insurers to report terminations of producer appointments. Section 15 requires that the insurer report a termination within 30 days of its occurrence.
An appointment is a registration with the state insurance department that a producer is acting on behalf of an insurer. The PLMA contains several sections related to appointments. Section 14 of the PLMA establishes the requirement that a producer acting as an agent of an insurer must have an appointment.

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Explanation: A producer must be given 60 days notice prior to scheduling a hearing. This requirement is based on legislation that requires employers with more than 100 employees to provide written notice for plant closings or large layoffs.
A licensed insurance agent/producer is someone who sells insurance on behalf of an insurance company. An insurance broker, on the other hand, works on behalf of their clients rather than on behalf of insurance companies (read more about the differences between an insurance agent/producer and broker here).
A producer code is a unique alphanumeric id assigned to a producer. Producer codes are also assigned to policies to identify the producer associated with the policy. For example, the producer Allrisk Insurance may have a producer code of AI-50701.

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