58-33-61 Grounds for cancellation.
Grounds for cancellation.
After sixty days from the effective date of policy
issuance a notice of cancellation may not be issued unless it is based upon at least one of the
Nonpayment of premium;
Discovery of fraud or material misrepresentation made by or with the knowledge of the
named insured in obtaining the policy, continuing the policy, or in presenting a claim
under the policy;
Discovery of acts or omissions on the part of the named insured which increase any
hazard insured against;
The occurrence of a change in the risk which substantially increases any hazard insured
against after insurance coverage has been issued;
A violation of any local fire, health, safety, building, or construction regulation or
ordinance with respect to any insured property or the occupancy thereof which
substantially increases any hazard insured against;
A determination by the director of the Division of Insurance that the continuation of the
policy would jeopardize a company's solvency or would place the insurer in violation of
the insurance laws of this state;
Violation or breach by the insured of any policy terms or conditions; or
Such other reasons as are approved by the director of the Division of Insurance.
SL 1985, ch 392, § 3; SL 1986, ch 421, § 1.