Buy-Back Provisions

Buy-Back Provisions If 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.