«[E] ach policy of aircraft accident liability insurance... shall specify that it shall remain in force, and may not be replaced, canceled, withdrawn, or in any way modified to reduce the minimum standards set forth in this part, or to change the extent of coverage by the
insurer or the carrier, nor expire by its own terms in regard to coverage for the carrier in its common carrier
operations in air transportation, until 10 days after written notice by the
insurer (in the event of replacement, by the retiring
insurer), or by the
insurer's representative, or by the carrier to the Department... which 10 - day notice period shall
start to run from the date such notice is actually received at the Department.»
Low earnings initially: A
start - up
insurer may not have a substantial premium earning in the initial years of
operation and the claims experienced may be high.