PARLIAMENTARY WRITTEN QUESTION
Floods: Insurance (22 June 2015)

Flood Re is on schedule to be established and begin its operational testing phase by July 2015. It will be a matter for the Flood Re team itself, rather than the Secretary of State, to determine when the scheme is ready to accept policies and it will require authorisation by the Prudential Regulation Authority and the Financial Conduct Authority. We understand that the Flood Re team expect this to be in April 2016.

Insurers have agreed to continue to abide by the Statement of Principles which ensures continued access to flood insurance until Flood Re is fully operational.