2. If the insured fails to pay any premium due or any advance premium required by the insurer for renewal.

SUMMARY

The bill requires the Superintendent of Insurance to expedite the review and approval of rate filings. It also amends the property cancellation and nonrenewal laws. It expands the grounds for which a contract of property insurance may be cancelled prior to the expiration of the policy to include the following:

1. The commission of a fraudulent insurance act;

2. The failure by the applicant or the insured to disclose a negligent act or material facts that would alter the terms of the policy;

3. The discovery that the insured's property is unoccupied and custodial care is not being maintained;

4. The presence of a trampoline on the premises if the insured is notified that the policy will be cancelled if the trampoline is not removed;

5. The presence of a swimming pool on the insured property that is not fenced in if, after notification, the noncompliance continues;

6. A claims history that includes 4 losses within 5 years, unless those losses include a catastrophic loss event;

7. A loss occasioned by a dog bite, unless, after notice of cancellation, the insured removes the dog; or

8. Failure to correct in 90 days conditions that pose imminent hazards.