The Flood Reinsurance Scheme – Regulations July 2014 (Consultation)
The UK Government (the Government) announced in June 2013 that it was taking forward the Flood Reinsurance Scheme (Flood Re) as the preferred approach to addressing the availability and affordability of flood insurance. We have taken powers in the Water Act 2014 (“the Act”) allowing for the introduction of Flood Re.
This consultation seeks views on the regulations the Government is introducing to enable the insurance industry to implement Flood Re next year.
This consultation is being conducted by the UK Government. Financial services including insurance are reserved matters; the territorial extent of this consultation covers the UK insurance market and is therefore UK-wide in scope. Details on how to respond to this consultation are provided in Part D.