Any insurer authorized to transact property or casualty business in this state, upon termination of an insurance producer's appointment by the insurer, shall permit the renewal and endorsement of all insurance contracts written by the insurance producer for a period of one year from the date of the termination, as determined by the individual underwriting requirements of the insurer. If any contract does not meet the underwriting requirements, the insurer shall give the insurance producer sixty days' notice of its intention not to renew the contract. This section does not apply if the contract is terminated because of the insurance producer's failure, after receiving a written demand, to pay over moneys due the insurer.
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