After coverage has been in effect more than sixty (60) days or after the effective date of a renewal policy a notice of cancellation shall not be issued unless it is based on at least one (1) of the following reasons:
(1) Nonpayment of premium;
(2) Discovery of fraud or material misrepresentation made by or with the knowledge of the named insured in obtaining the policy, continuing the policy, or in presenting a claim under the policy;
(3) Discovery of willful or reckless acts or omissions on the part of the named insured which increase any hazard insured against;
(4) The occurrence of a change in the risk which substantially increases any hazard insured against after insurance coverage has been issued or renewed;
(5) A violation of any local fire, health, safety, building, or construction regulation or ordinance with respect to any insured property or the occupancy thereof which substantially increases any hazard insured against;
(6) The insurer is unable to reinsure the risk covered by the policy; or (7) A determination by the commissioner that the continuation of the policy would place the insurer in violation of the Kentucky insurance code or regulations of the commissioner.