We are delighted to confirm the Flood Re scheme has received authorisation by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) from 1 April 2016 and AIB have been signed off as competent, ready to go from the 6th April 2016.
As such, we will go live with the scheme with effect from 6th April 2016 with Flood Re expecting up to 350,000 households to benefit from the government led initiative.
Earlier this month, Flood Re CEO Brendan McCafferty told members of the All Party Parliamentary Group for Insurance and Financial Services that the scheme had two issues to solve before it would be authorised by the PRA.
McCafferty commented: “I am delighted that we now have authorisation from the regulators. The Flood Re team is continuing to work hard with insurers ahead of launch.
“From 4 April, Flood Re will be live and ready to accept policies. A list of insurers that will be using the scheme will be available on the Flood Re website from the evening of Friday 1 April.”
McCafferty has repeatedly urged brokers to get ready for the scheme and AIB have invested time and money to make sure we are well positioned to provide the cover.
Nigel Gould of AIB said, “We were aware some insurers were making the Flood Re proposition available through their direct channels first, which would have put us on the back foot. As such, we have invested heavily and believe we are perfectly placed to provide our clients the most suitable options and offerings if they live in a flood risk area.
Flood Re is a new way to help people who live in flood risk areas get affordable home insurance. It launches on April 4th 2016. It is not a home insurer itself – instead it works behind the scenes with existing insurance companies.
Flood Re helps insurers offer more affordable flood insurance to those in areas at risk of flooding. It will mean people can shop around more easily to find policies with more affordable premiums and excesses. The scheme will develop over time so people should find they have even more choice in the future.
Call us now on 02380 268351 or click here: https://www.aib-insurance.co.uk/news/aib-launch-flood-re-scheme
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