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The Flood Reinsurance (Scheme Funding and Administration) Regulations 2015

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This is the original version (as it was originally made).

Review and report on the FR Scheme

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27.—(1) During each review period, the FR Scheme administrator must produce at least one report which—

(a)reviews the FR Scheme;

(b)sets out, for the following review period, an assessment of possible combinations of the total levy under regulation 8 and the reinsurance premium thresholds under regulations 15, 16 and 17, having regard to the need to manage the transition referred to in regulation 22(1) and all other relevant considerations, together with the actuarial evidence which underpins this assessment; and

(c)makes any necessary recommendations.

(2) The FR Scheme administrator may produce a report under paragraph (1) at any time, and must do so—

(a)at least 12 months before the end of the review period; or

(b)on request by the Secretary of State.

(3) The FR Scheme administrator must send a copy of each report to the Secretary of State.

(4) On receipt of a report, the Secretary of State must consider any recommendations made in the report.

(5) The FR Scheme administrator must provide any information requested by the Secretary of State to enable the Secretary of State to carry out an actuarial review of any recommendations in the report.

(6) In this regulation, “review period” means the period of 5 years ending 31st March 2021 and each successive period of 5 years.

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