However, if you are referring to your force placed policy there would be no waiting period and if the company insists on imposing one then I would insist on changing companies. Refer them to Appendix 6 of the Mandatory Purchase guidelines.
BTW, you shouldn't have forced placed until day 46. The borrower has until the end of the 45th day to present you a policy.
The opinions expressed are mine and they are not to be taken as legal advice.