1. No notice of cancellation of a commercial casualty insurance policy shall be effective unless prior written notice of the cancellation is mailed or delivered by the insurer to the named insured at least sixty days prior to the effective date of the cancellation, except where the cancellation is based on one or more of the following reasons:
(1) Nonpayment of premium;
(2) Fraud or material misrepresentation affecting the policy or in the presentation of a claim thereunder or a violation of any of the terms or conditions of a policy;
(3) Changes in conditions after the effective date of the policy which have materially increased the hazards originally insured;
(4) Insolvency of the insurer; or
(5) The insurer involuntarily loses reinsurance for the policy.
2. No notice of nonrenewal of a commercial casualty insurance policy shall be effective unless mailed or delivered by the insurer to the named insured at least sixty days prior to the effective date of the nonrenewal.
3. Notice of cancellation or nonrenewal of a commercial casualty insurance policy shall state the insurer's actual reason for proposing the action, the statement of reason to be sufficiently clear and specific so that the recipient can identify the basis of the insurer's decision without further inquiry. An assignment or transfer of a commercial casualty insurance policy among affiliated insurers within an insurance holding company system is not a cancellation or nonrenewal for purposes of sections 379.882 to 379.895.