Flood Re legislation laid before Parliament

The UK Government's scheme to pool flood risk, Flood Re, has welcomed news that the secondary legislation that defines how Flood Re will operate has been put before Parliament.

The Secretary of State for the Environment, Food and Rural Affairs, Elizabeth Truss, laid the legislation.

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.”