plan, or any other plan, if there be such, and he may be eligible
therefor.

(2) The notice shall contain the current address and
telephone number of the offices of such plan. It shall be sent
to the insured in the same manner and at the same time as the
first written notice of cancellation or of intention not to renew
given or required by law, regulation or contract.

(3) The insurer shall see that written notice of
intention to cancel for a reason other than nonpayment of premium
or notice of intention not to renew a policy issued in this State
is sent to the insured not less than 45 days prior to the date of
the proposed cancellation or expiration of the policy, as the
case may be. Notice given the insured by an insurance broker or
agent on behalf of the insurer shall be deemed to have been given
by the insurer for the purposes of this subsection; provided,
however, that no such notices shall be required where the agent
or broker has replaced the insurance.

(b) (1) Except in the case of life insurance, health
insurance, and annuities, when an insurer intends to cancel or
not renew a line of business, the insurer shall file a plan of
withdrawal with the Commissioner, at least 60 days before the
date of proposed withdrawal.

(2) The plan of withdrawal shall contain a statement
by an elected officer of the insurer that the cancellation or
nonrenewal action is necessary as a result of:

(i) The loss of on substantial changes in
applicable reinsurance;

the insurer.

(ii) Financial losses of the insurer; or

(iii) Any other business or economic reason of

(3) If the reason for the cancellation or nonrenewal
is loss of or substantial changes in reinsurance, the plan of
withdrawal shall contain a statement:

(i) That the insurer has made a good faith
effort to obtain replacement reinsurance, but was unable to do so
due to either the unavailability or unaffordability of
replacement reinsurance;

(ii) Explaining how the loss of or reduction
in, reinsurance affects the company's risks throughout the entire
line or category of insurance proposed for cancellation or
nonrenewal; and

- 4141 -

WILLIAM DONALD SCHAEFER, Governor

Ch. 747