FL S2104

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

Mandates rate increases phased in over 5 years beginning January 1, 2011, with the gap between current and actuarially sound rates decreasing approximately 20 percent annually.

Removes Office of Insurance Regulation authority over corporation rates and prohibits challenges to corporation rates, though policyholders may challenge individual premiums under existing law.

Establishes criteria for determining actuarially sound rates, including reinsurance costs covering projected 100-year probable maximum loss and use of models found reliable by the Florida Commission on Hurricane Loss Projection Methodology.

Prohibits the Office of Insurance Regulation from denying the corporation's plan of withdrawal filed pursuant to the bill's requirements.