The right of the insurer to terminate or refuse to renew a life, term, or endowment insurance policy issued on the franchise or wholesale plan is limited to:
(1) nonpayment of premium;
(2) the insured has attained the age limit prescribed in the policy;
(3) the employee's employment in the eligible classes or the member's membership in the eligible association terminates;
(4) the insurer terminates or refuses to renew the insurance on all employees of a common employer or affiliated employers after sixty days' written notice;
(5) participation in the plan falls below any percentage or minimum number specified by the policy.