Section 88.17. Renewable at the option of the insured

Policies which may not be characterized as noncancellable and guaranteed renewable or guaranteed renewable under existing definitional requirements solely because such policy may not be continuable to age 60 or for a minimum period of five years, may use a renewal provision caption, subject to the approval of the Commissioner, which states that the right of renewal is vested in the insured for a stated period of years, to a stated age, to the occurrence of a stated event or during the continuance of a given status such as employment or membership.