Notice of cancellation or termination of certified policy

When an insurance company has certified a motor vehicle liability policy under Section 63-15-39 or Section 63-15-41, the insurance so certified shall not be cancelled or terminated until at least ten (10) days after a notice of cancellation or termination of the insurance so certified shall be placed in the mail, or transmitted by electronic means, to the department. However, such a policy subsequently procured and certified shall, on the effective date of its certification, terminate the insurance previously certified with respect to any motor vehicle designated in both certificates.