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Flood Re regulations formally laid before parliament

Flood Re welcomes the news that the secondary legislation that defines how Flood Re will operate has today been laid before Parliament by the Secretary of State for the Environment, Food and Rural Affairs, Elizabeth Truss.

Brendan McCafferty, Chief Executive Officer, Flood Re said:

“Laying the secondary legislation is a highly significant milestone on the path to the establishment of Flood Re. It marks the completion of negotiations with Government, allowing the legislative process to be completed after the election, and is the result of many months of very detailed work between Flood Re, the industry and Government. The regulations provide the certainty necessary to allow us to move into the build and test phases of Flood Re’s development.

Flood Re is the first scheme of its kind in the world and is a highly complex undertaking.  The laying of the regulations is an important step towards enabling affordable insurance to be available for those households and families most at risk of flooding.”

Last updated 01/07/2016