After months of uncertainty a provisional deal was finally reached at the end of June between the Association of British Insurers (ABI) and the government to replace the Statement of Principles (SoP).
Flood Re, the not-for-profit scheme proposed by the ABI, got the nod and a Memorandum of Understanding (MoU) was struck – essentially an agreement in principle with regards to the framework of the solution.
The finer points of the scheme are yet to be ironed out, while a lengthy legislative process
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