Notice Of Security — Cancellation Of Surety Contract

TITLE 72 WORKER’S COMPENSATION AND RELATED LAWS — INDUSTRIAL COMMISSION CHAPTER 3 SECURITY FOR COMPENSATION 72-311. Notice of security — Cancellation of surety contract. (1) The employer shall forthwith file with the commission in form prescribed by it, a notice of his security. (2)  No policy of insurance or guaranty contract or surety bond issued against liability arising under this act, where the policy, contract, or bond is intended to provide coverage of greater than one hundred eighty (180) days, shall be canceled or not renewed until at least sixty (60) days after notice of cancellation has been filed with the industrial commission, and also served on the other contracting party either personally or by certified mail to the last known address of the other contracting party. If cancellation is due to failure to pay premiums, material misrepresentations by the insured, substantial and unforeseen changes in the risk assumed, substantial breaches of contractual duties, conditions or warranties, or the policy is being canceled or not renewed at the request of the policyholder, then at least ten (10) days’ notice of cancellation is required and the notice shall be filed as required in this section. For purposes of this section, service by certified mail is complete either on acknowledgement of receipt or refusal of the notice by the contracting party or the fifteenth day after the date the postal authority first attempts to deliver the certified mail as evidenced by P.S. form 3849 or other similar document. (3)  A contracting party may, by its own representations or actions, be estopped by the commission from relying on the time limitations set out herein.