Source · Select Committees · Public Accounts Committee
Recommendation 27
27
Acknowledged
Flood Re consistently publishes its required five-year transition plans outlining flood management strategies.
Conclusion
Flood Re is required to publish a transition plan every five years outlining how they plan to manage the transition. Flood Re published its most recent Transition Plan in July
Government Response Summary
The government acknowledges the committee's observation about Flood Re's requirement to publish transition plans, referencing the upcoming Quinquennial Review in July 2024 and the Secretary of State's consideration of its recommendations. The department will write to the Committee by January 2025.
Government Response
Acknowledged
HM Government
Acknowledged
6.1 The government agrees with the Committee’s recommendation. Target implementation date: January 2025 6.2 The department will write to the Committee by January 2025. 6.3 Regulation 27 of the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015 sets out that Flood Re must produce a report at least every five years which reviews the scheme, considering total levy and reinsurance premium thresholds and the need to manage transition by 2039. Flood Re intend to publish their next Quinquennial Review in July 2024 making recommendations, which the Secretary of State will consider.