Search Legislation

Water Act 2014

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 64

 Help about opening options

Alternative versions:

Changes to legislation:

Water Act 2014, Section 64 is up to date with all changes known to be in force on or before 30 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

64The Flood Reinsurance SchemeU.K.

This section has no associated Explanatory Notes

(1)For the purposes of this Part, the Flood Reinsurance Scheme is a scheme which—

(a)is established for the purpose mentioned in subsection (2), and

(b)is designated for the purposes of this Part by regulations made by the Secretary of State.

(2)The purpose referred to in subsection (1)(a) is the purpose of providing reinsurance to relevant insurers in respect of such risks arising from a flood as are identified by the scheme, in such a way as to—

(a)promote the availability and affordability of flood insurance for household premises while minimising the costs of doing so, and

(b)manage, over the period of operation of the scheme, the transition to risk-reflective pricing of flood insurance for household premises.

(3)The Secretary of State may by regulations make provision as to levels of reinsurance premiums payable by relevant insurers under the FR Scheme, and may make different provision for different purposes.

(4)Regulations under subsection (3) may, in particular, make different provision for different purposes by reference to the value of the household premises insured.

(5)In this section “flood insurance” means insurance in respect of risks arising from a flood.

(6)In this Part, the Flood Reinsurance Scheme is called “the FR Scheme”.

Commencement Information

I1S. 64 in force at 1.1.2015 by S.I. 2014/3320, art. 4(a)

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?