MS HB1040

Brings forward existing Mississippi Code Section 83-2-3 regarding property and casualty insurance rate standards without substantive changes

Maintains requirements that insurance rates cannot be excessive, inadequate, or unfairly discriminatory, and prohibits risk classifications based on race, color, creed, or national origin

Requires homeowners' insurance policies with percentage deductibles for windstorm damage from named storms to offer an actuarially sound buy-back provision, with a waiver process available through the Commissioner of Insurance

Defines "hurricane" for deductible purposes as beginning when a hurricane watch or warning is issued for Mississippi and ending 24 hours after the last watch or warning is terminated

Effective date of July 1, 2022