FL H1081

Requires Citizens Property Insurance Corporation to achieve actuarially sound rates by January 1, 2016, or file a plan of withdrawal by July 1, 2016.

Establishes a 5-year phase-in period beginning January 1, 2011, requiring approximately 20 percent annual reductions in the gap between current rates and actuarially sound rates.

Removes Office of Insurance Regulation authority over the corporation's rates and prohibits challenges to the corporation's rates (though policyholders may challenge their individual premiums).

Allows the corporation to use specific actuarial techniques and include in rates the actual and presumed costs of reinsurance to cover projected 100-year probable maximum loss.

Prohibits the Office of Insurance Regulation from denying the corporation's plan of withdrawal and changes the corporation's public purpose from providing affordable insurance to restoring it as an insurer of last resort with authority to achieve actuarially sound rates.