Despite any other provision of law which limits the time for termination of insurance policies to the contrary, an insurer may terminate any policy or contract of insurance where the anti-arson application or any alternative anti-arson application is required at any time within 90 days from the insurer's acceptance of such applications. The notice of cancellation to the insured shall contain the specific reason or reasons for the termination of the policy, provided that such reason or reasons are not otherwise prohibited by law.