The Flood Reinsurance (Scheme and Scheme Administrator Designation) Regulations 2015
S.I. 2015/1875 · Made 10 November 2015 · Extends to United Kingdom
Insurance
Made 10th November 2015
Coming into force in accordance with regulation 1
The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 64(1)(b) and 65(1) and (2) 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
Contents
- 1Citation and commencement
- 2Designation of the Flood Reinsurance Scheme
- 3Designation of the Flood Reinsurance Scheme administrator
- Signature
- Explanatory note
1Citation and commencementI1
These Regulations may be cited as the Flood Reinsurance (Scheme and Scheme Administrator Designation) Regulations 2015 and come into force on the day after the day on which they were made.
2Designation of the Flood Reinsurance SchemeI1
3Designation of the Flood Reinsurance Scheme administratorI1
Flood Re Limited is designated as the Flood Reinsurance Scheme administrator for the purposes of section 65(1) of the Water Act 2014.
Signature
Rory Stewart
Parliamentary under Secretary of State
Department for Environment, Food and Rural Affairs
10th November 2015
Explanatory note
(This note is not part of the Regulations)
These Regulations designate the Flood Reinsurance Scheme (“FR Scheme”) and the Flood Reinsurance Scheme administrator (“FR Scheme administrator”) for the purposes of Part 4 (flood insurance) of the Water Act 2014 (c.21).
The FR Scheme is a scheme established for the purpose of providing reinsurance to relevant insurers in respect of such risks arising from a flood as are identified by the scheme. The FR Scheme administrator will manage the FR Scheme.
An Impact Assessment (IA) was prepared to inform consultees during the consultation processes. The relevant sections of the IA are attached as an Annex to the Explanatory Memorandum, alongside a note setting out updated costs, assumptions and implications (also available on www.legislation.gov.uk). A copy of the IA can also be obtained from The Flood Insurance Team, Nobel House, 17 Smith Square, London, SW1P 3JR.