Section 88.14. Renewable subject to consent of company and variants thereof

(a) The renewal provision of a policy characterized as renewable subject to the consent of the company shall be appropriately captioned as one of the following:

(1) ‘‘Renewable Subject to Consent of Company.’’

(2) ‘‘Renewable Subject to Company Consent.’’

(3) ‘‘Renewable at Option of Company.’’

(b) The designated captions are without prejudice to the right of the insurer to submit another caption, subject to the approval of the Commissioner, which it believes is equally clear or more definitive as to the subject matter of said provision.

(c) The provision shall clearly declare that renewal of the policy is subject to the consent of the insurer and that the premium rate applicable to such policy shall be that currently in use on each renewal date of the policy.

(d) Policy nonrenewal shall be limited to the renewal date occurring on, or after and nearest, each anniversary of the policy. Nonrenewal shall not be based on the deterioration of mental or physical health of any individual covered under the policy.

(e) If the insurer reserves the right of cancellation, notice of the existence of the provision shall be cross-referenced in the renewal provision.