An insurer may cancel a policy of insurance that the insurer has written that has been in effect ninety (90) days or less by providing a written notice of cancellation to a person insured under the policy at least:

1. (1) ten (10) days before cancelling if an insured has failed to pay a premium;
2. (2) twenty (20) days before cancelling if the insured has perpetrated a fraud or material misrepresentation upon the insurer; or
3. (3) thirty (30) days before cancelling for any other reason.

As added by P.L.162-1988, SEC.4.