(a) A guaranteed renewable insurance policy or a noncancellable insurance policy is considered to be a continuous policy, subject only to the policy terms and conditions, including payment of the policy premium.
(b) A guaranteed renewable insurance policy or a noncancellable insurance policy:
(1) is continued in effect by the payment of the policy premium in accordance with the policy terms and conditions; and
(2) may not be considered or treated as a renewed policy by the payment of the policy premium.
(c) This section does not apply to a small employer health benefit plan adopted in accordance with Chapter 1501.