No insurer may fail to renew a policy unless the insurer mails or delivers to the named insured, at the address shown in the policy, at least sixty days’ advance notice of the intention not to renew. This section does not apply:

(1) If the insurer has manifested its willingness to renew;

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(2) If the policyholder is transferred to an insurer that is a member of the same insurance group as the previous insurer and notice of such transfer is given in the form adopted by rule by the Division of Insurance pursuant to chapter 1-26; nor

(3) In case of nonpayment of premium. However, notwithstanding the failure of an insurer to comply with this section, the policy shall terminate on the effective date of any other insurance policy with respect to any automobile designated in both policies.

Renewal of a policy does not constitute a waiver or estoppel with respect to grounds for cancellation which existed before the effective date of such renewal.

Source: SL 1968, ch 138, § 4; SL 1974, ch 311, § 2; SL 2000, ch 238, § 1.