If a commercial insurer fails to meet the requirements of the forty-five days Notice of Nonrenewal Rule prior to the expiration date of the existing policy, the company MUST:

extend the current policy for one year and waive the premium

reduce coverage to develop a new premium that does not exceed the expiring policy's premium

provide a renewal policy that matches the expiring policy's coverages and premium

pay a $3,000 fine per violation to the Division of Insurance

Answer: C

Insurance

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