Whenever any policy of hospital, medical, or surgical insurance issued or renewed after June 11, 1964, shall have been in continuous full force and effect for at least four (4) years with all premiums paid thereon, no insurance company chartered or authorized to do business in the State of Mississippi, or doing business herein, shall be permitted to cancel or refuse to renew its policy of hospital, medical, or surgical insurance issued after said date to a resident citizen of the State of Mississippi without first giving written notice to the insured; and the cancellation or refusal to renew shall not be effective until one (1) year from and after the date of the receipt of such written notice as shown by certified mail sent with return receipt requested. Any effort to cancel a policy of hospital, medical, or surgical insurance or any refusal to accept premiums on such a policy contrary to the provisions of this section shall be ineffective if the policyholder makes an offer to pay the premium as and when due, or within the grace period, and one (1) offer shall be all that is necessary if that offer is refused by the company.

The provisions of this section shall not apply to group and blanket insurance, nor to any policy in which the insurer does not reserve the right to refuse renewal on an individual basis. The provisions of this section shall not prevent cancellation of any hospital, medical, or surgical insurance policy because of duplicate coverage providing for payment of benefits in excess of hospital, medical, nursing, or drug expenses actually incurred.