The Florida Legislature made important strides during the 2021 legislative session that will help move toward more actuarially sound rates based on actual risk and competition. SB 76 increased what is known as the glide path for Citizens Property Insurance from 10 percent to 15 percent over the next 5 years. The glide path essentially caps the amount that Citizens Property Insurance can increase rates in any year. SB 76 also included a provision that requires Citizens to include the cost of reinsurance at its projected 100-year probable maximum loss, regardless of whether it purchased reinsurance, in its rate filing each year. Prior to the legislative session, an analysis by Citizens showed that 91 percent of their policyholders are charged less than the average competitor’s rate. This is due to the statutory glidepath and Citizens Property Insurance’s lower reinsurance costs from not purchasing reinsurance. Both these changes in SB 76 will increase Citizens premiums and reduce the gap between the private market and Citizens rates.