What must an insurer do within 30 days after terminating a producer?

When an insurer terminates a producer, it is required to notify the Commissioner within 30 days of the termination. This is crucial for regulatory oversight and helps ensure that changes in producer relationships are appropriately documented and monitored. The notification process allows the Commissioner to maintain an accurate and up-to-date record of active insurance producers in the state.

This requirement also serves to protect consumers by ensuring that only licensed and authorized individuals are participating in the selling of insurance products. Timely notification helps prevent unauthorized or unqualified individuals from acting as producers, which in turn maintains the integrity of the insurance market.

The other options do not align with the regulatory requirements set forth by Connecticut law regarding the termination of a producer. For instance, while refunds, penalties, or annual reports may have respective procedures, none are mandated specifically within this 30-day window following a producer's termination.