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The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015 No. 1902

  1. Introductory Text

  2. PART 1 Introduction

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Definitions for the purposes of the Act

    1. 3.Definition of “relevant insurer”

    2. 4.Definition of “flood”

    3. 5.Definition of “household premises”

  4. PART 3 FR Scheme Funding

    1. 6.Gross written premium

    2. 7.Provision of information by relevant insurers

    3. 8.Calculation of the levy

    4. 9.Payment of the levy by instalments and adjustments to instalments

    5. 10.Payment of additional levy or contributions

    6. 11.Requirements for request of additional levy or contributions

    7. 12.Adjustments to payments of additional amounts

    8. 13.Application of levy or contributions collected

    9. 14.Recovery of amounts due as a civil debt

  5. PART 4 Reinsurance Premium Thresholds

    1. 15.FR Scheme reinsurance premium thresholds: England and Scotland

    2. 16.FR Scheme reinsurance premium thresholds: Wales

    3. 17.FR Scheme reinsurance premium thresholds: Northern Ireland

    4. 18.Relevant valuation band or Flood Re category for household premises

    5. 19.Calculation of reinsurance premium thresholds

  6. PART 5 FR Scheme Administration

    1. 20.Exercise of the FR Scheme administrator’s functions

    2. 21.Restrictions on the exercise of the FR Scheme administrator’s functions

    3. 22.Transition to risk reflective pricing of flood insurance

    4. 23.The Responsible Officer

    5. 24.Powers of the Comptroller and Auditor General

    6. 25.Provision of information by the FR Scheme administrator

    7. 26.Provision of information to relevant insurers

    8. 27.Review and report on the FR Scheme

    9. 28.Report on the total amount of contributions requested

  7. PART 6 Amendment of the Act

    1. 29.In section 69 of the Act (disclosure of HMRC council...

  8. Signature

    1. SCHEDULE

      Reinsurance Premium Thresholds

  9. Explanatory Note

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