State Codes and Statutes

Statutes > New-york > Isc > Article-34 > 3427

§ 3427. Gap insurance; cancellation, renewal and other provisions. (a)  Definitions. As used in this section:    (1)  "Covered policy" means, for purposes of this section, a policy or  contract of gap insurance, issued or issued for delivery in this  state,  on a risk located or resident in this state.    (2)  "Nonpayment of premium" means the failure of the named insured to  discharge any obligations in connection with the payment of premiums  on  a  policy  of  insurance or any installment of such premium, whether the  premium is payable directly to the insurer or its agent,  or  indirectly  under  any  premium  finance plan or extension of credit. Payment to the  insurer, or to an agent or broker authorized to  receive  such  payment,  shall  be  timely,  if made within fifteen days after the mailing to the  insured of a notice of cancellation for nonpayment of premium.    (b) Lessor gap insurance:    (1) A covered policy of lessor gap insurance shall be subject  to  all  the provisions of section three thousand four hundred twenty-six of this  article, except as otherwise provided in this section.    (2)  Subject  to  the notice requirements of subsection (c) of section  three thousand four hundred twenty-six of this article, a covered policy  of lessor gap insurance may be cancelled only for:    (A)  one  or  more  of  the  bases  for  cancellation  set  forth   in  subparagraphs  (A)  through (D), and (F) through (H) of paragraph one of  subsection (c) of section three thousand four hundred twenty-six of this  article;    (B) material change in the nature or extent  of  the  risk,  occurring  after  issuance  or  last annual renewal anniversary date of the policy,  which causes the  risk  of  loss  to  be  substantially  and  materially  increased  beyond that contemplated at the time the policy was issued or  last renewed; or    (C) if the policy automatically provides coverage for the  gap  amount  waived  under  new leases entered into by the lessor, or acquired by the  lessor's assignee, the lessor's or assignee's (whichever is the insured)  failure to provide, within sixty days or as otherwise specified  in  the  policy,  the  insurer with the name and address of each lessee and other  information reasonably required by the insurer.    (c) Lessee gap insurance: (1) Except as provided in this section,  the  provisions of sections three thousand four hundred twenty-five and three  thousand  four  hundred  twenty-six of this article shall not apply to a  covered policy of lessee gap insurance.    (2) During the first  sixty  days  a  covered  policy  of  lessee  gap  insurance is initially in effect, no cancellation shall become effective  until  twenty  days  after  written  notice is mailed to the first named  insured at the mailing address shown in the policy, except for the bases  for cancellation set forth in subparagraphs (A) through (H) of paragraph  one of subsection (c) of section three thousand four hundred  twenty-six  of this article for which fifteen days notice shall be given.    (3)  After a covered policy of lessee gap insurance has been in effect  for sixty days, or on or after the effective date if  the  policy  is  a  renewal,  no  cancellation  or  nonrenewal  shall become effective until  fifteen days after written notice is mailed or delivered  to  the  first  named   insured   at  the  mailing  address  shown  in  the  policy  and  cancellation or nonrenewal is conditioned upon the  termination  of  the  lease  for  reasons  other  than  a  total loss of the personal property  caused by its theft or physical damage, or is based on one  or  more  of  the  reasons set forth in subparagraphs (A) through (H) of paragraph one  of subsection (c) of section three thousand four hundred  twenty-six  of  this  article;  except  that where the lease is for ten years or longer,  the policy may be cancelled or nonrenewed forty-five days after  writtennotice  is mailed or delivered to the first named insured at the mailing  address shown in the policy if the cancellation or nonrenewal is  to  be  effective  upon  the  tenth  anniversary  date  of  the  policy  or  any  subsequent annual anniversary date.    (4) If the policy is not issued for a term coextensive with the length  of  the  lease,  the insurer shall renew it for successive terms for the  duration of the lease, unless cancelled or nonrenewed in accordance with  the provisions of this subsection.    (d) Creditor gap insurance:    (1) A covered policy of creditor gap insurance shall be subject to all  the provisions of section three thousand four hundred twenty-six of this  article, except as otherwise provided in this section.    (2) Subject to the notice requirements of subsection  (c)  of  section  three thousand four hundred twenty-six of this article, a covered policy  of creditor gap insurance may be cancelled only for:    (A)   One  or  more  of  the  bases  for  cancellation  set  forth  in  subparagraphs (A) through (D), and (F) through (H) of paragraph  one  of  subsection (c) of section three thousand four hundred twenty-six of this  article;    (B)  Material  change  in  the nature or extent of the risk, occurring  after issuance or last annual renewal anniversary date  of  the  policy,  which  causes  the  risk  of  loss  to  be  substantially and materially  increased beyond that contemplated at the time the policy was issued  or  last renewed; or    (C)  If  the policy automatically provides coverage for the gap amount  waived under new loans or other credit transactions entered into by  the  creditor  or  acquired  by  the  creditor's  assignee, the creditor's or  assignee's (whichever is the insured) failure to provide,  within  sixty  days  or as otherwise specified in the policy, the insurer with the name  and address of each debtor and other information reasonably required  by  the insurer.    (e) Debtor gap insurance:    (1)  Except  as  provided  in this section, the provisions of sections  three thousand four hundred twenty-five and three thousand four  hundred  twenty-six of this article shall not apply to a covered policy of debtor  gap insurance.    (2)  During  the  first  sixty  days  a  covered  policy of debtor gap  insurance is initially in effect, no cancellation shall become effective  until twenty days after written notice is  mailed  to  the  first  named  insured at the mailing address shown in the policy, except for the bases  for cancellation set forth in subparagraphs (A) through (H) of paragraph  one  of subsection (c) of section three thousand four hundred twenty-six  of this article for which fifteen days notice shall be given.    (3) After a covered policy of debtor gap insurance has been in  effect  for  sixty  days,  or  on or after the effective date if the policy is a  renewal, no cancellation or  nonrenewal  shall  become  effective  until  fifteen  days  after  written notice is mailed or delivered to the first  named  insured  at  the  mailing  address  shown  in  the   policy   and  cancellation  or  nonrenewal  is conditioned upon the termination of the  loan for reasons other than a total loss of the personal property caused  by its theft or physical damage, or is based  on  one  or  more  of  the  reasons  set  forth in subparagraphs (A) through (H) of paragraph one of  subsection (c) of section three thousand four hundred twenty-six of this  article; except that where the loan or other credit transaction  is  for  ten  years  or  longer,  the  policy  may  be  cancelled  or  nonrenewed  forty-five days after written notice is mailed or delivered to the first  named insured at  the  mailing  address  shown  in  the  policy  if  thecancellation or nonrenewal is to be effective upon the tenth anniversary  date of the policy or any subsequent annual anniversary date.    (4) If the policy is not issued for a term coextensive with the length  of  the loan or other credit transaction, the insurer shall renew it for  successive  terms  for  the  duration  of  the  loan  or  other   credit  transaction,  unless  cancelled  or  nonrenewed  in  accordance with the  provisions of this subsection.    (f) For purposes of this  section,  "property  insured",  as  used  in  subparagraphs  (E) and (H) of paragraph one of subsection (c) of section  three thousand four  hundred  twenty-six  of  this  article,  means  the  property  which  is  the  subject  of  the lease or loan or other credit  transaction.    (h) Every notice of cancellation issued pursuant to this section shall  specify the grounds for cancellation.    (i) If a lessor, creditor or assignee charges the lessee or debtor for  the waiver of the gap amount, the lessor or creditor, or, in the absence  of a waiver by the creditor or lessor, the  assignee,  as  part  of  the  waiver  offer,  shall  provide  the  lessee  or  debtor  with  a  notice  specifying the name of  the  insurer  that  has  issued  the  lessor  or  creditor  gap  insurance  policy, the cost of the lessor or creditor gap  insurance coverage, and the charge for the  waiver.  Any  person  having  been  found,  after  notice  and hearing, to have wilfully violated this  subsection shall be liable to the people  of  this  state  for  a  civil  penalty in a sum not exceeding five hundred dollars for each violation.    (j)   Notwithstanding   any  other  provision  of  this  chapter,  the  cancellation and nonrenewal provisions of this section shall apply  only  to  the  gap  insurance  provisions  of  a  policy or contract that also  provides other  coverages  and  the  gap  insurance  coverage  shall  be  severable  from the other coverages for the purposes of cancellation and  nonrenewal; except that lessor or debtor gap insurance coverage included  within a  policy  insuring  a  mobile  home  shall  be  subject  to  the  cancellation  and  nonrenewal requirements applicable to the mobile home  policy.    (k) Notwithstanding section three thousand four hundred thirty-five of  this article, a covered policy of lessor or creditor gap insurance  that  insures  a  lessor  or creditor and the lessor's or creditor's assignees  shall not be considered a group insurance policy.    (l) The superintendent may  prescribe  by  regulation  minimum  policy  provisions  for  gap  insurance  which  the  superintendent  deems to be  necessary  or  appropriate  for  lessor  gap  insurance,  creditor   gap  insurance,  lessee  gap  insurance and debtor gap insurance contracts or  policies.

State Codes and Statutes

Statutes > New-york > Isc > Article-34 > 3427

§ 3427. Gap insurance; cancellation, renewal and other provisions. (a)  Definitions. As used in this section:    (1)  "Covered policy" means, for purposes of this section, a policy or  contract of gap insurance, issued or issued for delivery in this  state,  on a risk located or resident in this state.    (2)  "Nonpayment of premium" means the failure of the named insured to  discharge any obligations in connection with the payment of premiums  on  a  policy  of  insurance or any installment of such premium, whether the  premium is payable directly to the insurer or its agent,  or  indirectly  under  any  premium  finance plan or extension of credit. Payment to the  insurer, or to an agent or broker authorized to  receive  such  payment,  shall  be  timely,  if made within fifteen days after the mailing to the  insured of a notice of cancellation for nonpayment of premium.    (b) Lessor gap insurance:    (1) A covered policy of lessor gap insurance shall be subject  to  all  the provisions of section three thousand four hundred twenty-six of this  article, except as otherwise provided in this section.    (2)  Subject  to  the notice requirements of subsection (c) of section  three thousand four hundred twenty-six of this article, a covered policy  of lessor gap insurance may be cancelled only for:    (A)  one  or  more  of  the  bases  for  cancellation  set  forth   in  subparagraphs  (A)  through (D), and (F) through (H) of paragraph one of  subsection (c) of section three thousand four hundred twenty-six of this  article;    (B) material change in the nature or extent  of  the  risk,  occurring  after  issuance  or  last annual renewal anniversary date of the policy,  which causes the  risk  of  loss  to  be  substantially  and  materially  increased  beyond that contemplated at the time the policy was issued or  last renewed; or    (C) if the policy automatically provides coverage for the  gap  amount  waived  under  new leases entered into by the lessor, or acquired by the  lessor's assignee, the lessor's or assignee's (whichever is the insured)  failure to provide, within sixty days or as otherwise specified  in  the  policy,  the  insurer with the name and address of each lessee and other  information reasonably required by the insurer.    (c) Lessee gap insurance: (1) Except as provided in this section,  the  provisions of sections three thousand four hundred twenty-five and three  thousand  four  hundred  twenty-six of this article shall not apply to a  covered policy of lessee gap insurance.    (2) During the first  sixty  days  a  covered  policy  of  lessee  gap  insurance is initially in effect, no cancellation shall become effective  until  twenty  days  after  written  notice is mailed to the first named  insured at the mailing address shown in the policy, except for the bases  for cancellation set forth in subparagraphs (A) through (H) of paragraph  one of subsection (c) of section three thousand four hundred  twenty-six  of this article for which fifteen days notice shall be given.    (3)  After a covered policy of lessee gap insurance has been in effect  for sixty days, or on or after the effective date if  the  policy  is  a  renewal,  no  cancellation  or  nonrenewal  shall become effective until  fifteen days after written notice is mailed or delivered  to  the  first  named   insured   at  the  mailing  address  shown  in  the  policy  and  cancellation or nonrenewal is conditioned upon the  termination  of  the  lease  for  reasons  other  than  a  total loss of the personal property  caused by its theft or physical damage, or is based on one  or  more  of  the  reasons set forth in subparagraphs (A) through (H) of paragraph one  of subsection (c) of section three thousand four hundred  twenty-six  of  this  article;  except  that where the lease is for ten years or longer,  the policy may be cancelled or nonrenewed forty-five days after  writtennotice  is mailed or delivered to the first named insured at the mailing  address shown in the policy if the cancellation or nonrenewal is  to  be  effective  upon  the  tenth  anniversary  date  of  the  policy  or  any  subsequent annual anniversary date.    (4) If the policy is not issued for a term coextensive with the length  of  the  lease,  the insurer shall renew it for successive terms for the  duration of the lease, unless cancelled or nonrenewed in accordance with  the provisions of this subsection.    (d) Creditor gap insurance:    (1) A covered policy of creditor gap insurance shall be subject to all  the provisions of section three thousand four hundred twenty-six of this  article, except as otherwise provided in this section.    (2) Subject to the notice requirements of subsection  (c)  of  section  three thousand four hundred twenty-six of this article, a covered policy  of creditor gap insurance may be cancelled only for:    (A)   One  or  more  of  the  bases  for  cancellation  set  forth  in  subparagraphs (A) through (D), and (F) through (H) of paragraph  one  of  subsection (c) of section three thousand four hundred twenty-six of this  article;    (B)  Material  change  in  the nature or extent of the risk, occurring  after issuance or last annual renewal anniversary date  of  the  policy,  which  causes  the  risk  of  loss  to  be  substantially and materially  increased beyond that contemplated at the time the policy was issued  or  last renewed; or    (C)  If  the policy automatically provides coverage for the gap amount  waived under new loans or other credit transactions entered into by  the  creditor  or  acquired  by  the  creditor's  assignee, the creditor's or  assignee's (whichever is the insured) failure to provide,  within  sixty  days  or as otherwise specified in the policy, the insurer with the name  and address of each debtor and other information reasonably required  by  the insurer.    (e) Debtor gap insurance:    (1)  Except  as  provided  in this section, the provisions of sections  three thousand four hundred twenty-five and three thousand four  hundred  twenty-six of this article shall not apply to a covered policy of debtor  gap insurance.    (2)  During  the  first  sixty  days  a  covered  policy of debtor gap  insurance is initially in effect, no cancellation shall become effective  until twenty days after written notice is  mailed  to  the  first  named  insured at the mailing address shown in the policy, except for the bases  for cancellation set forth in subparagraphs (A) through (H) of paragraph  one  of subsection (c) of section three thousand four hundred twenty-six  of this article for which fifteen days notice shall be given.    (3) After a covered policy of debtor gap insurance has been in  effect  for  sixty  days,  or  on or after the effective date if the policy is a  renewal, no cancellation or  nonrenewal  shall  become  effective  until  fifteen  days  after  written notice is mailed or delivered to the first  named  insured  at  the  mailing  address  shown  in  the   policy   and  cancellation  or  nonrenewal  is conditioned upon the termination of the  loan for reasons other than a total loss of the personal property caused  by its theft or physical damage, or is based  on  one  or  more  of  the  reasons  set  forth in subparagraphs (A) through (H) of paragraph one of  subsection (c) of section three thousand four hundred twenty-six of this  article; except that where the loan or other credit transaction  is  for  ten  years  or  longer,  the  policy  may  be  cancelled  or  nonrenewed  forty-five days after written notice is mailed or delivered to the first  named insured at  the  mailing  address  shown  in  the  policy  if  thecancellation or nonrenewal is to be effective upon the tenth anniversary  date of the policy or any subsequent annual anniversary date.    (4) If the policy is not issued for a term coextensive with the length  of  the loan or other credit transaction, the insurer shall renew it for  successive  terms  for  the  duration  of  the  loan  or  other   credit  transaction,  unless  cancelled  or  nonrenewed  in  accordance with the  provisions of this subsection.    (f) For purposes of this  section,  "property  insured",  as  used  in  subparagraphs  (E) and (H) of paragraph one of subsection (c) of section  three thousand four  hundred  twenty-six  of  this  article,  means  the  property  which  is  the  subject  of  the lease or loan or other credit  transaction.    (h) Every notice of cancellation issued pursuant to this section shall  specify the grounds for cancellation.    (i) If a lessor, creditor or assignee charges the lessee or debtor for  the waiver of the gap amount, the lessor or creditor, or, in the absence  of a waiver by the creditor or lessor, the  assignee,  as  part  of  the  waiver  offer,  shall  provide  the  lessee  or  debtor  with  a  notice  specifying the name of  the  insurer  that  has  issued  the  lessor  or  creditor  gap  insurance  policy, the cost of the lessor or creditor gap  insurance coverage, and the charge for the  waiver.  Any  person  having  been  found,  after  notice  and hearing, to have wilfully violated this  subsection shall be liable to the people  of  this  state  for  a  civil  penalty in a sum not exceeding five hundred dollars for each violation.    (j)   Notwithstanding   any  other  provision  of  this  chapter,  the  cancellation and nonrenewal provisions of this section shall apply  only  to  the  gap  insurance  provisions  of  a  policy or contract that also  provides other  coverages  and  the  gap  insurance  coverage  shall  be  severable  from the other coverages for the purposes of cancellation and  nonrenewal; except that lessor or debtor gap insurance coverage included  within a  policy  insuring  a  mobile  home  shall  be  subject  to  the  cancellation  and  nonrenewal requirements applicable to the mobile home  policy.    (k) Notwithstanding section three thousand four hundred thirty-five of  this article, a covered policy of lessor or creditor gap insurance  that  insures  a  lessor  or creditor and the lessor's or creditor's assignees  shall not be considered a group insurance policy.    (l) The superintendent may  prescribe  by  regulation  minimum  policy  provisions  for  gap  insurance  which  the  superintendent  deems to be  necessary  or  appropriate  for  lessor  gap  insurance,  creditor   gap  insurance,  lessee  gap  insurance and debtor gap insurance contracts or  policies.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-34 > 3427

§ 3427. Gap insurance; cancellation, renewal and other provisions. (a)  Definitions. As used in this section:    (1)  "Covered policy" means, for purposes of this section, a policy or  contract of gap insurance, issued or issued for delivery in this  state,  on a risk located or resident in this state.    (2)  "Nonpayment of premium" means the failure of the named insured to  discharge any obligations in connection with the payment of premiums  on  a  policy  of  insurance or any installment of such premium, whether the  premium is payable directly to the insurer or its agent,  or  indirectly  under  any  premium  finance plan or extension of credit. Payment to the  insurer, or to an agent or broker authorized to  receive  such  payment,  shall  be  timely,  if made within fifteen days after the mailing to the  insured of a notice of cancellation for nonpayment of premium.    (b) Lessor gap insurance:    (1) A covered policy of lessor gap insurance shall be subject  to  all  the provisions of section three thousand four hundred twenty-six of this  article, except as otherwise provided in this section.    (2)  Subject  to  the notice requirements of subsection (c) of section  three thousand four hundred twenty-six of this article, a covered policy  of lessor gap insurance may be cancelled only for:    (A)  one  or  more  of  the  bases  for  cancellation  set  forth   in  subparagraphs  (A)  through (D), and (F) through (H) of paragraph one of  subsection (c) of section three thousand four hundred twenty-six of this  article;    (B) material change in the nature or extent  of  the  risk,  occurring  after  issuance  or  last annual renewal anniversary date of the policy,  which causes the  risk  of  loss  to  be  substantially  and  materially  increased  beyond that contemplated at the time the policy was issued or  last renewed; or    (C) if the policy automatically provides coverage for the  gap  amount  waived  under  new leases entered into by the lessor, or acquired by the  lessor's assignee, the lessor's or assignee's (whichever is the insured)  failure to provide, within sixty days or as otherwise specified  in  the  policy,  the  insurer with the name and address of each lessee and other  information reasonably required by the insurer.    (c) Lessee gap insurance: (1) Except as provided in this section,  the  provisions of sections three thousand four hundred twenty-five and three  thousand  four  hundred  twenty-six of this article shall not apply to a  covered policy of lessee gap insurance.    (2) During the first  sixty  days  a  covered  policy  of  lessee  gap  insurance is initially in effect, no cancellation shall become effective  until  twenty  days  after  written  notice is mailed to the first named  insured at the mailing address shown in the policy, except for the bases  for cancellation set forth in subparagraphs (A) through (H) of paragraph  one of subsection (c) of section three thousand four hundred  twenty-six  of this article for which fifteen days notice shall be given.    (3)  After a covered policy of lessee gap insurance has been in effect  for sixty days, or on or after the effective date if  the  policy  is  a  renewal,  no  cancellation  or  nonrenewal  shall become effective until  fifteen days after written notice is mailed or delivered  to  the  first  named   insured   at  the  mailing  address  shown  in  the  policy  and  cancellation or nonrenewal is conditioned upon the  termination  of  the  lease  for  reasons  other  than  a  total loss of the personal property  caused by its theft or physical damage, or is based on one  or  more  of  the  reasons set forth in subparagraphs (A) through (H) of paragraph one  of subsection (c) of section three thousand four hundred  twenty-six  of  this  article;  except  that where the lease is for ten years or longer,  the policy may be cancelled or nonrenewed forty-five days after  writtennotice  is mailed or delivered to the first named insured at the mailing  address shown in the policy if the cancellation or nonrenewal is  to  be  effective  upon  the  tenth  anniversary  date  of  the  policy  or  any  subsequent annual anniversary date.    (4) If the policy is not issued for a term coextensive with the length  of  the  lease,  the insurer shall renew it for successive terms for the  duration of the lease, unless cancelled or nonrenewed in accordance with  the provisions of this subsection.    (d) Creditor gap insurance:    (1) A covered policy of creditor gap insurance shall be subject to all  the provisions of section three thousand four hundred twenty-six of this  article, except as otherwise provided in this section.    (2) Subject to the notice requirements of subsection  (c)  of  section  three thousand four hundred twenty-six of this article, a covered policy  of creditor gap insurance may be cancelled only for:    (A)   One  or  more  of  the  bases  for  cancellation  set  forth  in  subparagraphs (A) through (D), and (F) through (H) of paragraph  one  of  subsection (c) of section three thousand four hundred twenty-six of this  article;    (B)  Material  change  in  the nature or extent of the risk, occurring  after issuance or last annual renewal anniversary date  of  the  policy,  which  causes  the  risk  of  loss  to  be  substantially and materially  increased beyond that contemplated at the time the policy was issued  or  last renewed; or    (C)  If  the policy automatically provides coverage for the gap amount  waived under new loans or other credit transactions entered into by  the  creditor  or  acquired  by  the  creditor's  assignee, the creditor's or  assignee's (whichever is the insured) failure to provide,  within  sixty  days  or as otherwise specified in the policy, the insurer with the name  and address of each debtor and other information reasonably required  by  the insurer.    (e) Debtor gap insurance:    (1)  Except  as  provided  in this section, the provisions of sections  three thousand four hundred twenty-five and three thousand four  hundred  twenty-six of this article shall not apply to a covered policy of debtor  gap insurance.    (2)  During  the  first  sixty  days  a  covered  policy of debtor gap  insurance is initially in effect, no cancellation shall become effective  until twenty days after written notice is  mailed  to  the  first  named  insured at the mailing address shown in the policy, except for the bases  for cancellation set forth in subparagraphs (A) through (H) of paragraph  one  of subsection (c) of section three thousand four hundred twenty-six  of this article for which fifteen days notice shall be given.    (3) After a covered policy of debtor gap insurance has been in  effect  for  sixty  days,  or  on or after the effective date if the policy is a  renewal, no cancellation or  nonrenewal  shall  become  effective  until  fifteen  days  after  written notice is mailed or delivered to the first  named  insured  at  the  mailing  address  shown  in  the   policy   and  cancellation  or  nonrenewal  is conditioned upon the termination of the  loan for reasons other than a total loss of the personal property caused  by its theft or physical damage, or is based  on  one  or  more  of  the  reasons  set  forth in subparagraphs (A) through (H) of paragraph one of  subsection (c) of section three thousand four hundred twenty-six of this  article; except that where the loan or other credit transaction  is  for  ten  years  or  longer,  the  policy  may  be  cancelled  or  nonrenewed  forty-five days after written notice is mailed or delivered to the first  named insured at  the  mailing  address  shown  in  the  policy  if  thecancellation or nonrenewal is to be effective upon the tenth anniversary  date of the policy or any subsequent annual anniversary date.    (4) If the policy is not issued for a term coextensive with the length  of  the loan or other credit transaction, the insurer shall renew it for  successive  terms  for  the  duration  of  the  loan  or  other   credit  transaction,  unless  cancelled  or  nonrenewed  in  accordance with the  provisions of this subsection.    (f) For purposes of this  section,  "property  insured",  as  used  in  subparagraphs  (E) and (H) of paragraph one of subsection (c) of section  three thousand four  hundred  twenty-six  of  this  article,  means  the  property  which  is  the  subject  of  the lease or loan or other credit  transaction.    (h) Every notice of cancellation issued pursuant to this section shall  specify the grounds for cancellation.    (i) If a lessor, creditor or assignee charges the lessee or debtor for  the waiver of the gap amount, the lessor or creditor, or, in the absence  of a waiver by the creditor or lessor, the  assignee,  as  part  of  the  waiver  offer,  shall  provide  the  lessee  or  debtor  with  a  notice  specifying the name of  the  insurer  that  has  issued  the  lessor  or  creditor  gap  insurance  policy, the cost of the lessor or creditor gap  insurance coverage, and the charge for the  waiver.  Any  person  having  been  found,  after  notice  and hearing, to have wilfully violated this  subsection shall be liable to the people  of  this  state  for  a  civil  penalty in a sum not exceeding five hundred dollars for each violation.    (j)   Notwithstanding   any  other  provision  of  this  chapter,  the  cancellation and nonrenewal provisions of this section shall apply  only  to  the  gap  insurance  provisions  of  a  policy or contract that also  provides other  coverages  and  the  gap  insurance  coverage  shall  be  severable  from the other coverages for the purposes of cancellation and  nonrenewal; except that lessor or debtor gap insurance coverage included  within a  policy  insuring  a  mobile  home  shall  be  subject  to  the  cancellation  and  nonrenewal requirements applicable to the mobile home  policy.    (k) Notwithstanding section three thousand four hundred thirty-five of  this article, a covered policy of lessor or creditor gap insurance  that  insures  a  lessor  or creditor and the lessor's or creditor's assignees  shall not be considered a group insurance policy.    (l) The superintendent may  prescribe  by  regulation  minimum  policy  provisions  for  gap  insurance  which  the  superintendent  deems to be  necessary  or  appropriate  for  lessor  gap  insurance,  creditor   gap  insurance,  lessee  gap  insurance and debtor gap insurance contracts or  policies.