MS SB2311

Eliminates requirement for notice of nonrenewal when an insurer issues a replacement policy form or transfers coverage to a licensed affiliate, provided the replacement or transferred policy provides the same or substantially similar coverage.

Requires insurers to notify policyholders at least 30 days in advance of any terms or conditions in replacement or transferred policies that are less favorable than the original policy.

Mandates transferring insurers notify the Mississippi Insurance Department at least 45 days before notifying a policyholder of a policy transfer to an affiliated insurer within the same insurance group or holding company, including the financial rating of the receiving insurer.

Specifies that documents signed by an insured remain valid and enforceable when applied to replacement policies or policies transferred to licensed affiliates providing the same or substantially similar coverage.

Applies to automobile liability, fire, multiperil, and workers' compensation insurance policies; defines "substantially similar" as policies providing the same basic coverages but potentially adding, altering, or eliminating incidental coverages.