No insurer may cease marketing a block of business in this state unless, at least ninety days prior to the cessation of marketing, the insurer submits to the director written notice of the intent to cease marketing, including a statement of the facts and causes for cessation. Cessation of marketing a block of business includes discontinuing selling insurance as defined in chapter 58-9 as follows:

1. (1) All lines or any one line;
2. (2) All policies under one policy form;
3. (3) All individual or group policies; or
4. (4) All commercial or personal policies. The director may, upon request, waive any portion of the ninety-day notice period required by this section if the director determines that the insurer could not have reasonably complied with the notice requirement.

Source: SL 1991, ch 399 .