The bill amends Section 27-2.4-20.1 of the General Laws under the "Producer Licensing Act" to establish new procedures for the revocation or modification of property and casualty insurance producers' contracts. It declares that any change in producer compensation shall be considered a contract modification. The act requires that the proposed effective date of the modification be communicated to the producers. The bill is set to take effect upon passage.

Statutes affected:
315: 27-2.4-20.1