379.883. Policy cancellation or nonrenewal requirement of sixty days prior to notification--notice content.
Policy cancellation or nonrenewal requirement of sixty days prior tonotification--notice content.
379.883. 1. No notice of cancellation of a commercial casualtyinsurance policy shall be effective unless prior written notice of thecancellation is mailed or delivered by the insurer to the named insured atleast sixty days prior to the effective date of the cancellation, exceptwhere the cancellation is based on one or more of the following reasons:
(1) Nonpayment of premium;
(2) Fraud or material misrepresentation affecting the policy or inthe presentation of a claim thereunder or a violation of any of the termsor conditions of a policy;
(3) Changes in conditions after the effective date of the policywhich have materially increased the hazards originally insured;
(4) Insolvency of the insurer; or
(5) The insurer involuntarily loses reinsurance for the policy.
2. No notice of nonrenewal of a commercial casualty insurance policyshall be effective unless mailed or delivered by the insurer to the namedinsured at least sixty days prior to the effective date of the nonrenewal.
3. Notice of cancellation or nonrenewal of a commercial casualtyinsurance policy shall state the insurer's actual reason for proposing theaction, the statement of reason to be sufficiently clear and specific sothat the recipient can identify the basis of the insurer's decision withoutfurther inquiry. An assignment or transfer of a commercial casualtyinsurance policy among affiliated insurers within an insurance holdingcompany system is not a cancellation or nonrenewal for purposes of sections379.882 to 379.895.
(L. 1987 H.B. 700 §§ 23, 24, A.L. 1998 H.B. 1080)