(1) A notice of cancellation of a medical malpractice policy shall be valid only if it is based on one or more of the following reasons: (a) Nonpayment of premiums; or (b) The license of the insured health-care provider has been suspended or revoked by the appropriate state regulatory authority; or (c) The insured knowingly made a false statement on the application for insurance; or (d) There has been a substantial change in the exposure or risk other than that indicated in the application and underwritten as of the effective date of the policy unless the insured has notified the insurer of the change and the insurer accepts such change. (2) This section shall not apply to any policy or coverage which has been in effect less than sixty days at the time the notice of cancellation is mailed or delivered by the insurer, unless it is a renewal policy. (3) This section shall not apply to nonrenewal of a policy. (4) This section shall not apply to insurers providing coverage for exempt commercial policyholders, as defined pursuant to section 10-4-1402 and rules adopted by the commissioner pursuant to that section.
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