Notwithstanding any general or special law to the contrary, a midterm notice of cancellation of a workers’ compensation policy shall be effective only if based on one or more of the following reasons: (1) nonpayment of premium; (2) fraud or material misrepresentation affecting the policy or insured; and/or (3) a substantial increase in the hazard insured against. Nothing in this section shall limit an insurer’s right to refuse to renew a workers’ compensation policy.