MS HB1137

Eliminates requirement for notice of nonrenewal when an insurer issues a replacement policy form with the same or substantially similar coverage or transfers a policy to a licensed affiliate insurer within the same insurance group or holding company.

Requires transferring insurers to notify the Mississippi Insurance Department at least 45 days before notifying policyholders of policy transfers to affiliated insurers, including the names and financial ratings of both insurers.

Requires transferring insurers to provide policyholders written notice of policy transfers at least 30 days before the effective date, including the financial rating of the receiving insurer.

Provides that documents signed by policyholders remain valid and enforceable for replacement policies and transferred policies, and requires notice of any less favorable terms or conditions at least 30 days in advance.

Applies to automobile liability, physical damage, collision, liability, fire, multiperil, and workers' compensation insurance policies, with an effective date of July 1, 2018.