[§431:10C‑110.5] Replacing motor vehicle insurance policy through an insurer's affiliate or subsidiary. An insurer shall be exempt from provisions governing policy cancellations or nonrenewals in sections 431:10C-111, 431:10C-111.5, and 431:10C‑112 if:
(1) The insurer offers to replace the insured's policy through the insurer's affiliate or subsidiary;
(2) The replacement policy is effective upon the expiration of the existing policy;
(3) The replacement policy provides the same or better coverage, terms, and conditions as the existing policy at a lower premium than the existing policy;
(4) The insurer provides at least thirty days written notice of the prospective replacement to the insured; provided that the insured may waive notice pursuant to this paragraph; and
(5) The insured accepts the replacement policy. [L 2011, c 11, §1]