Section 3433. Termination of contracts or accounts of licensed agents or brokers; prohibition; geographical location

(a)  No  insurer  shall  terminate  or  refuse to renew a contract or account of a licensed agent
  or broker who negotiated policies of:
    (1) fire insurance or fire and extended coverage insurance or
    (2) automobile  insurance  subject  to  section  three  thousand  four
  hundred  twenty-five of this article when such termination or refusal to
  renew is based solely on the  geographical  location  of  the  agent  or
  broker or of the risks for which coverage is afforded through such agent
  or broker.
    (b)  The  superintendent  shall  by  regulation  establish  procedures
  requiring notification to  such  agents  or  brokers  of  the  insurer's
  specific  reason  or  reasons  for  termination  or refusal to renew the
  agent's or broker's contract or account.