The Flood Reinsurance (Amendment) Regulations 2022
| Year | 2022 |
2022 No. 383
Insurance
The Flood Reinsurance (Amendment) Regulations 2022
Made 24th March 2022
Coming into force 1st April 2022
The Secretary of State makes these Regulations, with the consent of the Treasury, in exercise of the powers conferred by sections 64(1), 66(1)(a) and 68(1) of the Water Act 20141.
A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament pursuant to section 84(6) of that Act.
Citation, commencement and extent
1.—(1) These Regulations may be cited as the Flood Reinsurance (Amendment) Regulations 2022 and come into force on 1st April 2022.
(2) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Amendment to the Flood Reinsurance (Scheme and Scheme Administrator Designation) Regulations 2015
2.—(1) In regulation 2 of the Flood Reinsurance (Scheme and Scheme Administrator Designation) Regulations 20152, for “22nd June 2015” substitute “19th January 2022”.
(2) The amendment made by paragraph (1) to revoke the designation of the Scheme Document dated 22nd June 2015 and designate instead the Scheme Document dated 19th January 20223is without prejudice to any obligations and liabilities arising prior to the date that these Regulations come into force.
Amendment to the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015
3.—(1) In regulation 8 of the Flood Reinsurance (Scheme Funding and Administration) Regulations 20154, for “£180 million” substitute “£135 million”.
(2) The amendment made by paragraph (1) does not have the effect of altering or extinguishing any obligation or liability arising prior to the date on which these Regulations come into force.
Rebecca Pow
Parliamentary Under Secretary of State
Department for Environment, Food and Rural Affairs
24th March 2022
Gareth Johnson
Amanda Solloway
Two of the Lords Commissioners of Her Majesty’s Treasury
22nd March 2022
EXPLANATORY NOTE
(This note is not part of the Regulations)
The Water Act 2014 (c. 21, “the Act”)includes provision designed to promote the availability and affordability of home insurance in areas of high flood risk. These Regulations set out amendments to the existing Flood Reinsurance (Scheme and Scheme...
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