OPINION OF THE COURT
SMITH, J.
The issue in this case is whether the 1978 amendment to Banking Law § 576 abrogated the common-law rule that cancellation of an insurance contract becomes effective when it is received by the insurance company. We conclude that it did not. Because we hold that an insurance company must receive a notice of cancellation before such cancellation can become effective, we affirm the order of the Appellate Division.
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