(1) When an insurance contract has been made, the insurer shall, without delay, prepare an insurance policy and deliver it to a policyholder, except where the policyholder fails to pay the whole premium or its first installment. <Amended by Act No. 4470, Dec. 31, 1991>
(2) Where an existing insurance contract is extended or altered, the insurer may be exonerated from the delivery of an insurance policy by writing down the extension or alteration on the existing insurance policy. <Newly Inserted by Act No. 4470, Dec. 31, 1991>