New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter VII - Credit And Creditor Insurance
Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans
Section 186.7 - Cancellation of policy by a creditor

(1) the debtor shall be given not less than 10 days written notice that his insurance contract will be cancelled. The exact time and date of cancellation must be set forth in such notice. Such notice shall be given by the creditor by delivery to the debtor in person, or by mail, to the address shown in the policy. Proof of mailing such notice to such address shall be sufficient proof of service of the notice of cancellation;

(2) if such notice is given by mail, three days shall be added to the notice period;

(3) every such notice shall include in type or print, of which its face shall not be smaller than twelve point, at least two points leaded, a statement that if the insurance contract provides motor vehicle liability insurance, proof of financial security is required to be maintained continuously throughout the registration period and that failure to maintain proof of such financial security requires revocation of the registration of the motor vehicle, unless the registration certificate and number plate of such vehicle have been surrendered to the Commissioner of Motor Vehicles prior to the time at which cancellation becomes effective;

(4) upon receipt of such notice and statement, the insurer shall cancel the insurance contract as of the exact time and date set forth in such notice, with the same force and effect as if the aforesaid notice of cancellation had been submitted by the debtor himself, without requiring the return of the insurance contract. Where, by statutory or regulatory requirement, more than 10 days notice must be given, the prescribed time for such notice shall control as to the effective date of cancellation. The insurer is authorized to make the necessary changes to comply with such requirements, calculating the effective date of cancellation from the day it receives the copy of the notice of cancellation from the creditor; and

(5) the insurer, within a reasonable time after the effective date of cancellation, shall return whatever gross unearned premiums are due under the insurance policy on a short rate basis to the creditor for the benefit of the debtor.