(1) Except as provided in Section 31A-22-618.6, for a group insurance policy offering accident and health insurance or a blanket insurance policy offering accident and health insurance, an insurer may:
(a) decline to renew the policy on the date the policy term expires for a reason stated in the policy; or
(b) cancel the policy at any time for:
(i) nonpayment of a premium when due;
(ii) intentional misrepresentation of a material fact in connection with the coverage;
(iii) performance of an act or practice that constitutes fraud in connection with the coverage; or
(iv) noncompliance with an employer eligibility provision.
(2) Except for a modification required by law, an insurer may only modify a policy at renewal.
(3) Subsection (2) does not apply to an endorsement by which the insurer:
(a) effectuates a request the policyholder made in writing; or
(b) exercises a specifically reserved right under the policy.