40-2,201. Property and casualty insurance; group affiliated insurers; renewal of policy. (a) A policy of insurance for property and casualty coverage will be considered renewed by: (1) The issuance and delivery of a policy by the current insurer or by an insurer within the same group of affiliated insurers replacing the existing policy at the end of the policy period or term with no gap in coverage; or (2) the issuance and delivery of a certificate or notice extending the term of the policy beyond its policy period or term.
(b) As used in this section, the term "group affiliated insurers" means two or more insurance companies that are under substantially the same management or financial control.
(c) When a policy of insurance is renewed by an insurer within the same group of affiliated insurers, notice of the change of the policy to the affiliated company shall be provided to the insured at the last known address and made available to the agent of record on or before 30 days before the end of the term or period of the existing policy of insurance. Such notice may be satisfied by delivery of the new policy to the insured.
History: L. 2016, ch. 33, § 1; July 1.
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