Part 4

Flood insurance

General

Interpretation
82
1
In this Part “insurer” means—
a
a person who—
i
is authorised for the purposes of the Financial Services and Markets Act 2000 (see section 31 of that Act), and
ii
has permission to carry on the activities specified in Article 10 of the Financial Services and Markets (Regulated Activities) Order 2001 (S.I. 2001/544), or
b
a member of the Society (within the meaning of the Lloyd’s Act 1982).
2
The Secretary of State may by regulations amend the definition of “insurer” in subsection (1).
3
The Secretary of State may by regulations define “relevant insurer” for the purposes of this Part.
4
Before making regulations under subsection (3) as to the meaning of “relevant insurer”, the Secretary of State must consult such persons as the Secretary of State thinks appropriate.
5
The Secretary of State may by regulations define for the purposes of sections 64 to 69—
- “flood”;
- “flood risk”;
- “household premises”.
6
The Secretary of State may by regulations define for the purposes of sections 70 to 81—
- “flood”;
- “flood risk”;
- “greater flood risk”;
- “household premises”;
- “insurance policy”;
- “issue”, in relation to an insurance policy;
- “the qualifying interest”, in relation to household premises.
7
Regulations under subsection (5) or (6) as to the meaning of “flood” may specify descriptions of water that are, or are not, to be taken into account.
8
In sections 70 to 81—
- “the FCA” means the Financial Conduct Authority;
- “the PRA” means the Prudential Regulation Authority;
- “registered premises” means premises registered in the register maintained under section 74;
- “risk band” has the meaning given by section 74(2).