Every health insurance issuer that nonrenews or discontinues a group health insurance policy because the policyholder failed to pay premiums in accordance with the terms of the policy shall deliver a written notice of the policy termination that meets the following standards:

1. (1) The notice shall be sent to each employee and COBRA beneficiary covered by the policy;
2. (2) The issuer shall deliver the notice to the last known address of each notice recipient that the issuer maintains in its records;
3. (3) If the issuer and the notice recipient have agreed to transactions by electronic means, the notice may be sent electronically;

4. (4)

   1. (A) The notice shall clearly state the termination date of the policy.
   2. (B) A certificate of creditable coverage containing the information required by Arkansas Code § 23-86-304(e)(1)(B) shall satisfy this standard; and
5. (5) The termination date stated in the notice shall be the date premium was due, if the premium has not been paid, provided the termination date expressed in the notice shall not predate the date the notice is sent by more than forty-seven (47) days, unless the issuer can demonstrate that the recipients of the notice shall receive it with no fewer than fourteen (14) days to acquire alternative coverage without loss of creditable coverage.