An antiarson application required under this subtitle is a material part of the policy to which the application pertains. A material misrepresentation in an antiarson application is grounds to rescind the policy. Within a reasonable time as specified by the Commissioner, a policyholder shall notify the policyholder’s insurer in writing of any change in the information contained in an antiarson application. A material failure to give the notice required in paragraph (1) of this subsection, or a material misrepresentation in a notification, is grounds to rescind the policy.