Final answer:
The insurer is responsible for notifying the producer in the event of appointment termination. It follows regulations set by state insurance departments and may be monitored by the state's Insurance Commissioner.
Step-by-step explanation:
In the context of insurance regulations, the party required to notify the producer in the event of appointment termination is usually the insurer. The producer refers to the insurance agent or broker, and the insurer is the insurance company they represent. When an appointment is terminated, it is the responsibility of the insurer to notify the producer formally of this change. This notification typically follows specific rules set by state insurance departments to ensure that all parties are aware of the termination and can act accordingly.
This procedure ensures that the producer does not continue to operate under the assumption that they are still appointed and authorized to sell policies on behalf of the insurer. The notification process is also sometimes monitored by the Commissioner, who is in charge of insurance regulation in the specific state to ensure compliance with regulations. However, it is not the responsibility of the producer's assistant, family, or any other party to handle such official notifications.