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UK: Flood Re – consultation on proposed regulations implementing the scheme

There has been much discussion about the Government’s plans to implement a new scheme for providing flood insurance to certain properties at greater risk of flooding (see post on Flood Re and our client briefing). The Water Act 2014 (which received Royal Assent on 14 May 2014) sets the legal framework and parameters within which Flood Re will operate and the broad scope of the regulations. The Government is intending to introduce regulations to enable the insurance industry to implement Flood Re next year. The proposed regulations will cover the legal framework around the Flood Re Scheme, its funding and its administration. DEFRA (the Department for Environment Food and Rural Affairs) has issued a consultation (22 July 2014) seeking views on these regulations.