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The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015

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This is the original version (as it was originally made).

Restrictions on the exercise of the FR Scheme administrator’s functions

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21.—(1) When discharging its functions, the FR Scheme administrator must comply with the following conditions—

(a)there is a limit on the borrowed amount of £25 million;

(b)the FR Scheme administrator must only use, or transfer, any assets relating to the FR Scheme for—

(i)the purposes of the FR Scheme, including any purposes incidental to the FR Scheme;

(ii)the administration of the FR Scheme.

(2) For the purposes of paragraph (1)(a), “borrowed amount” means the total amount outstanding at the end of a financial year in respect of any sums borrowed by the FR Scheme administrator, and includes any bank loans or overdraft, or other temporary borrowing (including amounts which the FR Scheme administrator owes to suppliers in respect of products or services acquired), but does not include contributions, or any amounts owed by the FR Scheme administrator in respect of any contract of reinsurance.

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