CANCELLATION OR REFUSAL TO RENEW COMMERCIAL INSURANCE
417-C:2 Notice of Cancellation.
I. No notice of cancellation shall be effective unless mailed, physically delivered, or electronically delivered by the insurer or its agent to the named insureds at least 60 days prior to the effective date of cancellation; provided, however, that where cancellation is for nonpayment of premium or substantial increase in hazard, or the cancellation notice is mailed, physically delivered, or electronically delivered within the first 60 days of the effective date for new policies, at least 10 days' notice of cancellation shall be given. In all instances, the reason or reasons for cancellation shall accompany or be included in the notice of cancellation. An insurer shall not be held liable in any claim or suit for damages arising solely from the insurer's compliance with the requirement that the reason for cancellation be specified.
II. The commissioner shall have the authority to waive any provision of paragraph I upon the written request of an insurer specifying the reasons therefor.
III. This section shall not apply to nonrenewal.
Source. 1986, 227:1. 2000, 166:7. 2002, 207:20. 2009, 215:12, eff. Sept. 13, 2009. 2018, 132:7, eff. July 29, 2018. 2021, 57:4, eff. July 24, 2021.