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The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015 No. 1902

FR Scheme reinsurance premium thresholds: Wales

This section has no associated Explanatory Memorandum

16.—(1) This regulation applies where—

(a)the FR Scheme administrator charges a relevant insurer for reinsurance premiums in respect of household premises in Wales, and

(b)those premiums are in respect of the flood risk element of a combined policy, a buildings policy or a contents policy.

(2) During the financial year commencing on 1st April 2016, the amount charged by the FR Scheme administrator must not exceed the amount set out in Table 2 in the Schedule corresponding to the relevant valuation band for the household premises and the relevant type of policy.

(3) During the financial year commencing on 1st April 2017, and during each subsequent financial year, the amount charged by the FR Scheme administrator must not exceed the amount set out in Table 2 in the Schedule, as substituted in accordance with regulation 19, corresponding to the relevant valuation band for the household premises and the relevant type of policy.

(4) For the purposes of paragraphs (2) and (3), the relevant valuation band for household premises in Wales shall be the same as set out in section 5(3) of the Local Government Finance Act 1992(1).

(1)

Section 5(3) of the Local Government Finance Act 1992 was amended by S.I. 2003/3046.

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