Idaho H0562 amends insurance policy cancellation and nonrenewal provisions.

Idaho H0562 amends the Idaho Code to revise provisions regarding the cancellation and nonrenewal of commercial insurance policies. The bill specifies conditions under which insurers can cancel or decline to renew policies, including nonpayment of premium, fraud, increased hazard, and changes in risk. It mandates written notice periods for cancellations and nonrenewals, varying from ten to sixty days depending on the reason. The bill also outlines exceptions, such as block cancellations and certain types of insurance not subject to these provisions.

Idaho H0562 amends insurance policy cancellation and nonrenewal provisions.

Idaho H0562 amends the Idaho Code to revise provisions regarding the cancellation and nonrenewal of commercial insurance policies. The bill specifies conditions under which insurers can cancel or decline to renew policies, including nonpayment of premium, fraud, increased hazard, and changes in risk. It mandates written notice periods for cancellations and nonrenewals, varying from ten to sixty days depending on the reason. The bill also outlines exceptions, such as block cancellations and certain types of insurance not subject to these provisions.