A. No insurance contract insuring against loss or damage through legal liability for the bodily injury or death by accident of any individual, or for damage to the property of any person, shall be retroactively annulled by any agreement between the insurer and the insured after the occurrence of any such injury, death, or damage for which the insured may be liable, and any such attempted annulment shall be void.
B. The provisions of subsection A of this section shall not apply to a claim made and reported from a liability insurance policy unless there is actual notice that a claim or potential claim has been made against an insured who shall have also reported the claim or potential claim to the insured's insurer.
Added by Laws Laws 1957, p. 369, § 3625. Amended by Laws 2016, c. 14, § 1, eff. Nov. 1, 2016.