(1) Despite any other provision of law which limits the time for termination of insurance policies to the contrary, an insurer may terminate any policy or contract of insurance when the antiarson application or any alternative antiarson application, as provided in § 23-88-209, is required at any time within ninety (90) days from the insurer's acceptance of the applications.
(2) The notice of cancellation to the insured shall contain the specific reasons for the termination of the policy, provided that the reasons are not otherwise prohibited by law.