Polar Bear Conservation and Fairness Act of 2011 - Amends the Marine Mammal Protection Act of 1972 to direct the Secretary of the Interior to issue a permit for the importation of any polar bear part (other than an internal organ) from a polar bear taken in a sport hunt in Canada to any person: (1) who submits proof that the polar bear was legally harvested before February 18, 1997; or (2) who has submitted, in support of an application submitted before May 15, 2008, proof that the bear was legally harvested before such date from a polar bear population from which a sport-hunted trophy could be imported before such date. (Polar bears were listed as a threatened species by the Department of the Interior on May 14, 2008.)