Part 4

Flood insurance

General

Period of operation
83
1
Sections 64 to 81 are repealed at the end of the period of 25 years beginning with the day on which this Act is passed.
2
The Secretary of State may by order amend subsection (1) so as to bring forward the day on which—
a
sections 64 to 69 are repealed;
b
sections 70 to 78 are repealed.
3
The Secretary of State may by order make provision in connection with—
a
the repeal of—
i
sections 64 to 69, or
ii
sections 70 to 78, or
b
the revocation of a scheme’s designation under section 64(1)(b) without a new designation being made under that provision, at any time before sections 64 to 69 are repealed,
including provision amending or repealing an enactment.
4
Provision made in an order by virtue of subsection (3) may, in particular, include—
a
such provision for the transfer of property, rights and liabilities (whether or not otherwise capable of being transferred, and including pension liabilities in respect of staff) relating to the FR Scheme as the Secretary of State thinks fit;
b
provision about legal proceedings relating to anything done in connection with the FR Scheme;
c
provision about the accounts of the FR Scheme;
d
provision about information held by the FR Scheme administrator.
5
Before making an order under subsection (3)(a)(i) or (b) which includes provision for the transfer of an amount of the reserves of the FR Scheme, the Secretary of State must consult the FR Scheme administrator about the amount to be transferred.
6
The Secretary of State may by regulations define “reserves” for the purposes of subsection (5).
7
The Treasury may by order amend subsection (1) so as to bring forward the day on which sections 79 to 81 are repealed.
8
The Treasury may by order make provision in consequence of the repeal of sections 79 to 81, including provision amending or repealing an enactment.