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2007 Vetoed Bills and Messages
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H.B. 634
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ESTATE, OR SIMILAR ENTITY THAT IS INTENDED TO INSURE AGAINST LOSS
ARISING PRINCIPALLY FROM THE PERSONAL, NONCOMMERCIAL ACTIVITIES OF
THE INSURED.
(B) This section applies only to a binder or policy, other than a renewal
policy, of:
(1) private passenger motor vehicle, homeowners, dwelling, credit loss,
or PERSONAL INSURANCE, commercial property insurance, or liability AND
COMMERCIAL LIABILITY insurance; AND
(2) PERSONAL INSURANCE.
[(b)] (C) A binder or policy is subject to a 45-day underwriting period
beginning on the effective date of coverage.
[(c)] (D) An insurer may cancel a binder or policy during the underwriting
period if the risk does not meet the underwriting standards of the insurer.
[(d)] (E) If applicable, at the time of application or when a binder or policy
is issued, an insurer shall provide written notice of its ability to cancel a binder or
policy during the underwriting period.
[(e)] (F) (1) A EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, A notice of cancellation under this section shall:
(1) (I) be in writing;
(2) (II) have an effective date not less than 15 days after mailing; and
(3) (III) state clearly and specifically the insurer's actual reason for the
cancellation.
(2) A NOTICE OF CANCELLATION UNDER THIS SECTION FOR
NONPAYMENT OF PREMIUM SHALL:
(I) BE IN WRITING;
(II) HAVE AN EFFECTIVE DATE OF NOT LESS THAN 10 DAYS
AFTER MAILING;
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(III) STATE THE INSURER'S INTENT TO CANCEL FOR
NONPAYMENT OF PREMIUM; AND
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- 4730 -
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