(a) Accident and health insurance policies in which the insurer reserves the right to refuse renewal on an individual basis shall provide in substance in a provision thereof, in an endorsement thereon, or rider attached thereto that, subject to the right to terminate the policy for nonpayment of premium when due, the right to refuse renewal may not be exercised so as to take effect before the renewal date occurring on or after the next policy anniversary, or in the case of lapse and reinstatement, at the renewal date occurring on or after the next anniversary of the last reinstatement. The provision, endorsement, or rider shall also state that any refusal of renewal shall be without prejudice to any claim originating while the policy is in force.
(b) The reference to lapse and reinstatement in subsection (a) of this section may be omitted at the insurer's option.
Section: Previous 23-85-121 23-85-122 23-85-123 23-85-124 23-85-125 23-85-126 23-85-127 23-85-128 23-85-129 23-85-130 23-85-131 23-85-132 23-85-133 23-85-134 23-85-136 NextLast modified: November 15, 2016