| (a) If a debtor is covered by a group credit insurance policy providing for the payment of single premiums to the insurer, provision shall be made by the insurer that in the event of termination of the group policy for any reason, insurance coverage with respect to any debtor then insured under such policy shall be continued for the entire period for which the single premium has been paid, subject to the provisions of the policy relative to early termination of a debtor's insurance. (b) If a debtor is covered by a group credit insurance policy providing for payment of premiums to the insurer on a monthly outstanding balance basis, then the policy shall provide that, in the event of termination of such group policy for any reason, the insured debtor shall be given written notice that coverage will continue for 30 days from the date of such notice, except where replacement of the coverage by the same or another insurer in the same or greater amount
takes place without interruption of coverage and a new certificate reflecting such replacement coverage is delivered to such then insured debtor. The notice of termination required in this subsection shall be given by the insurer or, at the option of the insurer, by the creditor.
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