The insurer may reserve the right to nonrenew a policy in the wholesale life insurance category only for one or more of the following reasons as may be specified in the policy: Nonpayment of premium; Termination of the employee's employment with the sponsor, or the termination of his employment in an eligible class of employees of the sponsor; The termination of membership in the sponsor, or the termination of membership in an eligible class of membership of the sponsor, or when a member ceases to practice the profession or occupation with respect to which the policy was issued; The maturity of the policy, or the attainment of the limiting age for renewal stated in the policy; The nonrenewal at the request of the sponsor of all policies issued in the case; The nonrenewal by the insurer of all policies issued to employees or members of the sponsors, the nonrenewal to be effective on a premium due date or on a renewal date following the insurer's giving at least 60 days prior written notice to the sponsor and to each employee or member insured; or Any other condition for nonrenewal approved by the Commissioner. Written notice under §A of this regulation may be given by timely mailing of the notice to the employee or member insured at his most recent address known to the insurer or to the sponsor. Effective Date of Nonrenewal. Termination or nonrenewal of a wholesale life insurance policy for a reason other than nonpayment of premium may not be made effective on a date other than a premium due date or a policy renewal date.