304.20 -330 Reasons for cancellation. After coverage has been in effect more than sixty (60) days or after the effective date of a renewal policy a notice of cancellation shall not be issued unless it is based on at least one (1) of the following reasons: (1) Nonpayment of premium; (2) Discove ry 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 willful or reckless acts or omissions on the part of th e 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 or renewed; (5) A violation of any local fire, health, s afety, building, or construction regulation or ordinance with respect to any insured property or the occupancy thereof which substantially increases any hazard insured against; (6) The insurer is unable to reinsure the risk covered by the policy; or (7) A determination by the commissioner that the continuation of the policy would place the insurer in violation of the Kentucky insurance rer is unable to reinsure the risk covered by the policy; or (7) A determination by the commissioner that the continuation of the policy would place the insurer in violation of the Kentucky insurance code or regulations of the commissioner. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1313, effecti ve July 15, 2010. -- Created 1986 Ky. Acts ch. 426, sec. 4, effective July 15, 1986.
Kentucky Legal Code