INSURANCE – Amends existing law to revise provisions regarding cancellation and nonrenewal of certain policies.

H 562 amends Idaho's insurance laws to update notice requirements for insurers when canceling or not renewing commercial property and liability insurance policies. The bill requires insurers to provide policyholders with specific advance notice (30-60 days for most cancellations, 45-60 days for nonrenewals) based on the reason, including 10 days for nonpayment of premium. It also mandates written notice 30 days before any premium increase exceeding 10% due to rate changes, deductibles, or reduced coverage. These changes directly affect Idaho commercial insurers and their business policyholders. The bill does not alter the grounds for cancellation but clarifies the timing and content of required notices.