No insurer, after a policy has been in effect for 60 days, or if a policy is a renewal, effective immediately, shall cancel a policy except for one or more of the following reasons:
I. Nonpayment of premium;
II. [Repealed.]
III. Specific request of the insured.
IV. Named insured was not a resident of the state of New Hampshire at the time the policy was issued or renewed, unless the insured vehicle at issue was exclusively garaged in New Hampshire when the policy was issued or renewed.