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The Flood Reinsurance (Amendment) Regulations 2025

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2025, ISBN 9780348267938

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under section 84(6) of the Water Act 2014 for approval by resolution of each House of Parliament.

Insurance

Made ***

Coming into force 1st April 2025

The Secretary of State makes these Regulations, with the consent of the Treasury, in exercise of the power conferred by section 66(1)(a) of the Water Act 2014f1.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament pursuant to section 84(6) of that Act.

Annotations to the whole text

Footnotes

f1

2014 c. 21.

Contents

  1. 1Citation, commencement and extent
  2. 2Amendment to the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015
  3. Signature
  4. Explanatory note

1Citation, commencement and extent

(1)

These Regulations may be cited as the Flood Reinsurance (Amendment) Regulations 2025 and come into force on 1st April 2025.

(2)

These Regulations extend to England and Wales, Scotland and Northern Ireland.

2Amendment to the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015

(1)

In regulation 8(2)(a) of the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015f1, for “£135 million” substitute “£160 million”.

(2)

The amendment made by paragraph (1) does not have the effect of altering or extinguishing any obligation or liability arising prior to the date on which these Regulations come into force.

Signature

We consent

Name

Name

Two of the Lords Commissioners of His Majesty’s Treasury

Date

Name

Parliamentary Under Secretary of State

Department for Environment, Food and Rural Affairs

Date

Explanatory note

(This note is not part of the Regulations)

The Water Act 2014 (c. 21) includes provision designed to promote the availability and affordability of home insurance in areas of high flood risk. These Regulations make amendments to the existing Flood Reinsurance (Scheme Funding and Administration) Regulations 2015 (S.I. 2015/1902).

Regulation 2 amends the total levy figure to £160 million, increased from £135 million. It provides that this change is made without prejudice to liabilities and obligations that applied prior to the coming into force of these Regulations.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.