58-47-11. Immediate termination of insurance.
An insurer may immediately terminate an enrolled customer's enrollment under a portable electronics insurance policy:
(1)If the enrolled customer ceases to have an active service with the vendor of portable electronics; or
(2)If an enrolled customer exhausts the aggregate limit of liability, if any, under the terms of the portable electronics insurance policy and the insurer sends notice of termination to the enrolled customer within thirty calendar days after exhaustion of the limit. However, if notice is not timely sent, enrollment shall continue notwithstanding the aggregate limit of liability until the insurer sends notice of termination to the enrolled customer.
Source: SL 2012, ch 251, §11.