20:06:22:01Types of renewal clauses.

For purposes of § 20:06:22:02, the types of renewal clauses are as follows: (1) Optionally Renewable (OR): renewal is at the option of the insurance company; (2) Conditionally Renewable (CR): renewable, but may be declined by class, by geographic area, or for stated reasons other than deterioration of health; (3) Guaranteed Renewable (GR): renewal may not be declined by the insurance company for any reason, but the insurance company may revise rates on a class basis; (4) Noncancelable (NC): renewal may not be declined nor may rates be revised by the insurance company.

Source: 16 SDR 208, effective June 3, 1990.