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SCS/HCS/HB 2194 - Currently, an insurer must meet certain notification requirements before refusing to renew a homeowner's insurance or an automobile insurance policy. The act provides that an insurer does not need to meet such notice requirements when: 1) the insurer assigns or transfers the policy to an affiliate or subsidiary within the same insurance holding company, 2) the assignment or transfer is effective upon the expiration of the existing policy, and 3) prior to providing coverage for a subsequent policy term the insurer accepting the assignment or transfer provides notice of the assignment or transfer to the insured. If after the assignment or transfer of a policy the coverage will not be substantially equivalent to the coverage in the policy prior to the assignment or transfer, then the insurer must notify the policyholder that some coverage provisions will change. This act is similar to SCS/SB 974 (2016). JESSI BAKER
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