(1) Except for nonpayment of premium, the insurer shall give either a written notice of nonrenewal or an offer of renewal at least thirty (30) days prior to the expiration of the policy's existing term.
(2) The insurer shall send the insured a written notice and the insurance producer written or electronic notice of the offer of renewal under subsection (a) of this section, indicating the new premium and providing a description of any change in deductible or policy provision in the renewal policy.
(3) As used in this section, “renewal” means the issuance or delivery by an insurer of a policy superseding a policy previously issued by the insurer at the end of the previously issued policy period if the policy is delivered by: The same insurer; or
(4) An affiliate or subsidiary, as those terms are defined in § 23-63-503, that has a financial strength rating that is: Issued by an industry-recognized independent insurance rating company; and
(5) At least as good as the insurer issuing the superseded policy.