Sec. 2. (a) An insurer may not cancel a policy of insurance that the insurer has written that has been in effect more than ninety (90) days unless: (1) the insured under the policy has failed to pay the premium; (2) there is a substantial change in the scale of risk covered by the policy; (3) the insured has perpetrated a fraud or material misrepresentation upon the insurer; (4) the insured has failed to comply with reasonable safety recommendations; or (5) reinsurance of the risk associated with the policy has been cancelled. (b) An insurer shall mail a written notice of cancellation to a person insured under a policy issued by the insurer at least: (1) forty-five (45) days before cancelling the policy for any reason set forth in subsection (a)(2), (a)(4), or (a)(5); (2) twenty (20) days before cancelling the policy for the reason set forth in subsection (a)(3); or (3) ten (10) days before cancelling the policy for the reason set forth in subsection (a)(1).
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