Rule 19-1-41.05 - Buy-Back ProvisionsIf a homeowners' policy includes a percentage named storm deductible or a percentage hurricane deductible, the insurer shall offer a buy-back provision that is actuarially sound; however the Commissioner of Insurance may grant a waiver from the mandatory buy-back provision in accordance with the following procedure and criteria:
A. The insurer shall make a formal filing requesting a waiver from the buy-back provision requirement with the Commissioner;B. The insurer shall submit written proof in its formal filing as to why it is in the best interest of Mississippi policyholders to receive a waiver from the buy-back provision requirement and shall provide any supporting documentation requested by the Commissioner deemed appropriate to make his decision; and,C. All expenses incurred by the Commissioner to determine the validity of the waiver request shall be borne by the petitioning insurer.19 Miss. Code. R. 1-41.05
Miss. Code Ann. §§ 83-5-1; 83-2-3 (Rev 2011); HB 756, 2014 Regular Session