MS HB1401

Prohibits insurers from canceling or failing to renew homeowners insurance policies based solely on the presence of Chinese drywall imported from or manufactured in the People's Republic of China prior to December 31, 2009

Prohibits insurers from canceling or failing to renew policies based on claims filed by insureds related to the presence of Chinese drywall

Requires insurers who have canceled or failed to renew policies after Chinese drywall claims to reinstate policies within 30 days of the act's effective date on the same terms and conditions as before

Establishes penalties of up to $15,000 per violation plus attorney fees, expenses, and court costs incurred by homeowners to have policies reinstated

Sunsets on July 1, 2013