§ 27-29-17.2 - Notice of nonrenewal.
SECTION 27-29-17.2
§ 27-29-17.2 Notice of nonrenewal. –(a) An insurer may nonrenew a policy; provided, however, no nonrenewal of anypolicy of insurance to which this section applies shall be effective unless aninsurer shall first give, mail, or deliver to the first named insured at theaddress shown on the policy, and to the insurance producer of record, writtennotice that the insurer will not renew the policy. Such notice shall be given,mailed or delivered at least sixty (60) days before the expiration date. If thenotice is given, mailed or delivered less than sixty (60) days before theexpiration, coverage shall remain in effect until sixty (60) days after noticeis given, mailed or delivered. Earned premium for any period of coverage thatextends beyond the expiration date shall be considered pro-rata based upon theprevious year's rate. For purposes of this section, the transfer of apolicyholder between companies within the same insurance group is not a refusalto renew. In addition, changes in deductibles, changes in premium, changes inthe amount of insurance, or reductions in policy limits or coverage shall notbe deemed to be refusals to renew.
(b) Notice of nonrenewal shall not be required where:
(1) The insurer or a company within the same insurance grouphas offered to issue a renewal policy; or
(2) The named insured has obtained replacement coverage orhas agreed in writing to obtain replacement coverage.