What is the minimum advance notice a producer must receive before termination of their contract?

The minimum advance notice a producer must receive before termination of their contract is 120 days. This requirement is established to provide a reasonable period for producers to prepare for the termination, allowing them to make necessary arrangements for their clients and business operations. It is intended to promote fairness and stability in the insurance industry, ensuring that producers are not abruptly cut off from their income or client relationships without sufficient warning. The 120-day notice period is particularly significant as it helps maintain professional standards and allows producers to transition smoothly, which ultimately benefits both the producer and their clients.