58-33-61. 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 following reasons:

(1)    Nonpayment of premium;

(2)    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;

(3)    Discovery of acts or omissions on the part of the named insured which increase any hazard insured against;

(4)    The occurrence of a change in the risk which substantially increases any hazard insured against after insurance coverage has been issued;

(5)    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;

(6)    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;

(7)    Violation or breach by the insured of any policy terms or conditions; or

(8)    Such other reasons as are approved by the director of the Division of Insurance.

Source: SL 1985, ch 392, § 3; SL 1986, ch 421, § 1.