1. All contracts between an insurer and an independent insurance producer in effect in the state of Missouri on or after September 28, 1979, shall not be terminated or cancelled by the insurer except by mutual agreement or unless ninety days' written notice in advance has been given to the independent insurance producer and the director of the department of commerce and insurance.
2. During the ninety days' notice period the independent insurance producer shall not write or bind any new business on behalf of the insurer without specific written approval.