UK Statutory Instrument SI 2015/1902 United Kingdom

The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm3 Director or Officer1

Plus 13 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Director or Officer — also bound by 429 other Acts
Companies Act 2006 126 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.007 Provision of information by relevant insurers Regulated
  • Provide requested gross written premium information to Flood Re administratorFinancial Services Firm
s.008 Calculation of the levy Regulated
  • Pay your share of the annual Flood Re levyFinancial Services Firm
s.010 Payment of additional levy or contributions Regulated
  • Pay additional levy or contributions requested by Flood Re scheme administratorFinancial Services Firm
s.011 Requirements for request of additional levy or contributions Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must cap levy requests and notify Secretary of StateStatutory regulator
s.012 Adjustments to payments of additional amounts Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must calculate and adjust flood reinsurance levies and contributionsStatutory regulator
s.013 Application of levy or contributions collected Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must only use levies and contributions for scheme purposesStatutory regulator
s.015 FR Scheme reinsurance premium thresholds: England and Scotland Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must cap reinsurance premiums for household premises in England and ScotlandStatutory regulator
s.016 FR Scheme reinsurance premium thresholds: Wales Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must cap reinsurance premiums for Welsh household premisesStatutory regulator
s.017 FR Scheme reinsurance premium thresholds: Northern Ireland Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must cap reinsurance premiums for Northern Ireland householdsCrown / Minister / Government department
s.020 Exercise of the FR Scheme administrator’s functions Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must consider public interest and efficiencyStatutory regulator
s.021 Restrictions on the exercise of the FR Scheme administrator’s functions Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must limit borrowing to £25 million and only use assets for scheme purposesStatutory regulator
s.022 Transition to risk reflective pricing of flood insurance Regulated
Other duties (1) — Crown / regulator
  • Flood Re Scheme administrator must create and publish a transition planStatutory regulator
s.023 The Responsible Officer Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must designate CEO as responsible officerCrown / Minister / Government department
s.025 Provision of information by the FR Scheme administrator Regulated
  • Provide information to the Secretary of State for government accountingDirector or Officer
s.026 Provision of information to relevant insurers Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must provide information to insurers by 1st April each yearCrown / Minister / Government department
s.027 Review and report on the FR Scheme Regulated
Other duties (1) — Crown / regulator
  • Flood Re scheme administrator must produce and submit review reportsCrown / Minister / Government department
s.028 Report on the total amount of contributions requested Regulated
Other duties (1) — Crown / regulator
  • FR Scheme administrator must report to Secretary of State when contributions exceed £100mStatutory regulator
12 other provisions — procedural and definitional
s.001 Citation and commencement
s.002 Interpretation
s.003 Definition of “relevant insurer”
s.004 Definition of “flood”
s.005 Definition of “household premises”
s.006 Gross written premium
s.009 Payment of the levy by instalments and adjustments to instalments
s.014 Recovery of amounts due as a civil debt
s.018 Relevant valuation band or Flood Re category for household premises
s.019 Calculation of reinsurance premium thresholds
s.024 Powers of the Comptroller and Auditor General
s.029 In section 69 of the Act (disclosure of HMRC council...

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.