Flood Re regulations and scheme document published

The draft regulations to establish Flood Re were laid before Parliament on 24 March 2015. They supplement the Flood Re Scheme Document signed on 16 March 2015. If adopted by Parliament, Flood Re will start operating on 1 April 2016.

NOTE ADDED 12 April 2015: DEFRA have confirmed to Practical Law Property that the Flood Re regulations did not obtain the necessary positive approval before Parliament was prorogued. Consideration of the draft regulations will therefore be held over to the new Parliamentary session. It seems very likely that operation of the scheme will be delayed and possible that a change of Government may prompt a change of approach. For these reasons, we have decided to delay our detailed analysis of the draft regulations.