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The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015

Consolidated Text Cited authorities 29 Cited in Amendments 1 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2015/1902
Year2015
  • may be cited as the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015; and
  • come into force on the day after the day on which they were made.
  • In these Regulations—
    • effected any home insurance in the period of 12 months immediately preceding the first day of the financial year, andhas permission under the Financial Services and Markets Act 2000effected any home insurance during the period of 12 months immediately preceding the first day of the financial year; andon the first day of the financial year, intends to effect further home insurance during the financial year.(2) For the purposes of paragraph (1) (b) , an insurer who falls within paragraph (1) (b) (i) shall be taken to fall within paragraph (1) (b) (ii) , unless the contrary is shown by the insurer to the reasonable satisfaction of the FR Scheme administrator.at or below ground level; orabove ground level, provided that part of the body of such water is at ground level;does so with a volume, weight or force which is substantial and abnormal.the gradual seepage or percolation of water into a building (such as rising damp) ;water escaping from a water main, drain, sewer, pipe or other thing inside a building, unless such escape was solely the consequence of a flood falling within paragraph (1) .
  • a dwelling which meets the criteria relating to “household premises” set out in sections 4.7 to 4.9 of the FR Scheme; or
  • is held for private residential use and comprises two or three residential units, and includes any garage, shed or other building which forms part of, and is enjoyed with, the building; and
  • meets the criteria relating to “household premises” set out in sections 4.7 to 4.9 of the FR Scheme.
    • (1) For the purposes of this Part, a relevant insurer’s “gross written premium” means the aggregate sterling amount paid or payable by, or on behalf of, holders of home insurance for the relevant risk element of home insurance, before the deduction of any amount (including commission) , but after the deduction of insurance premium tax(2) A relevant insurer’s gross written premium must be increased by the amount of any gross written premium paid or payable for the relevant preceding calendar year for transferred home insurance.formed the whole, or part, of an insurance business carried on by a person (“A”) ,the insurance business, or that part, has been transferred to, or has otherwise vested in, the relevant insurer in the preceding calendar year, andA is not a relevant insurer on the date on which the levy is due under regulation 9.(4) When calculating a relevant insurer’s gross written premium under paragraphs (1) and (2) , home insurance shall be taken to cover only the relevant risk element unless the contrary is shown by the relevant insurer to the reasonable satisfaction of the FR Scheme administrator.a dwelling;the contents of a dwelling.
  • Within 30 days of receipt of a written request, a relevant insurer must provide to the FR Scheme administrator such information as the FR Scheme administrator may request relating to the gross written premium for that relevant insurer for the preceding calendar year.
    • (1) A relevant insurer must pay to the FR Scheme administrator a levy for each financial year from (and including) the financial year commencing 1st April 2016, calculated in accordance with the following formula—TL×XY.“TL” means the total levy of F2£135 million;“X” means the relevant insurer’s gross written premium for the preceding calendar year unless paragraph (3) applies, in which case, “X” is determined in accordance with that paragraph; and“Y” means the sum of all relevant insurers’ “X” for the preceding calendar year.(3) If a relevant insurer fails to provide the information requested

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