MS HB985

Brings forward Section 83-2-3 of Mississippi Code of 1972 establishing standards for property and casualty insurance rates to ensure rates are not excessive, inadequate, or unfairly discriminatory.

Requires homeowners' insurance policies with percentage deductibles for windstorm peril from named storms to offer an actuarially sound buy-back provision, with limited waiver exceptions upon formal request and proof of policyholder benefit.

Mandates the Insurance Commissioner establish uniform policy language and notice requirements for hurricane deductibles in homeowners' insurance policies.

Defines "hurricane" for deductible purposes as a storm declared by the National Hurricane Center, with the deductible period beginning at hurricane watch/warning issuance and ending 24 hours after the last warning is terminated.

Takes effect July 1, 2021.