Provision of information by relevant insurers
- Provide requested gross written premium information to Flood Re administrator
UK Statutory Instrument
2015
United Kingdom
The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015
At a glance
What's here
17 compliance obligations
Who this Act binds
Plus 13 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Calculation of the levy
- Pay your share of the annual Flood Re levy
Payment of additional levy or contributions
- Pay additional levy or contributions requested by Flood Re scheme administrator
Requirements for request of additional levy or contributions
Other duties (1) — Crown / regulator
- FR Scheme administrator must cap levy requests and notify Secretary of State Statutory regulator
Adjustments to payments of additional amounts
Other duties (1) — Crown / regulator
- FR Scheme administrator must calculate and adjust flood reinsurance levies and contributions Statutory regulator
Application of levy or contributions collected
Other duties (1) — Crown / regulator
- FR Scheme administrator must only use levies and contributions for scheme purposes Statutory regulator
FR Scheme reinsurance premium thresholds: England and Scotland
Other duties (1) — Crown / regulator
- FR Scheme administrator must cap reinsurance premiums for household premises in England and Scotland Statutory regulator
FR Scheme reinsurance premium thresholds: Wales
Other duties (1) — Crown / regulator
- FR Scheme administrator must cap reinsurance premiums for Welsh household premises Statutory regulator
FR Scheme reinsurance premium thresholds: Northern Ireland
Other duties (1) — Crown / regulator
- FR Scheme administrator must cap reinsurance premiums for Northern Ireland households Crown / Minister / Government department
Exercise of the FR Scheme administrator’s functions
Other duties (1) — Crown / regulator
- FR Scheme administrator must consider public interest and efficiency Statutory regulator
Restrictions on the exercise of the FR Scheme administrator’s functions
Other duties (1) — Crown / regulator
- FR Scheme administrator must limit borrowing to £25 million and only use assets for scheme purposes Statutory regulator
Transition to risk reflective pricing of flood insurance
Other duties (1) — Crown / regulator
- Flood Re Scheme administrator must create and publish a transition plan Statutory regulator
The Responsible Officer
Other duties (1) — Crown / regulator
- FR Scheme administrator must designate CEO as responsible officer Crown / Minister / Government department
Provision of information by the FR Scheme administrator
- Provide information to the Secretary of State for government accounting
Provision of information to relevant insurers
Other duties (1) — Crown / regulator
- FR Scheme administrator must provide information to insurers by 1st April each year Crown / Minister / Government department
Review and report on the FR Scheme
Other duties (1) — Crown / regulator
- Flood Re scheme administrator must produce and submit review reports Crown / Minister / Government department
Report on the total amount of contributions requested
Other duties (1) — Crown / regulator
- FR Scheme administrator must report to Secretary of State when contributions exceed £100m Statutory regulator
Browse 12 other sections — procedural / definitional / commencement
Citation and commencement
Interpretation
Definition of “relevant insurer”
Definition of “flood”
Definition of “household premises”
Gross written premium
Payment of the levy by instalments and adjustments to instalments
Recovery of amounts due as a civil debt
Relevant valuation band or Flood Re category for household premises
Calculation of reinsurance premium thresholds
Powers of the Comptroller and Auditor General
In section 69 of the Act (disclosure of HMRC council...
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