European Commission approves Flood Re

- By Ida Axling
- @BrokingIda
- 29 Jan 2015
- Indicative reading time: 1 minute

Scheme is one step closer to reality after the Commission decided it is compatible with EU state aid rules.

The European Commission has approved Flood Re - the UK's state run flood insurance scheme which is set to be funded by an industry-wide levy.

The Commission had feared that the scheme may confer an economic advantage to the pool over its competitors and involve state aid.

However, the Commission concluded that the scheme is compatible with EU state aid rules, because such insurance cover might not otherwise be sufficiently available on the private market, and the scheme remedies the market

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