Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.Donate to our crowdfunder
‘(1) The Secretary of State may, with the consent of the Treasury, make regulations requiring relevant insurers to pay to the FR Scheme administrator—
(a) a levy, the amount and timing of which is to be determined in accordance with the regulations;
(b) such further amounts, by way of levy or contribution, as may be requested by the FR Scheme administrator from time to time in accordance with the FR Scheme.
(2) Regulations under subsection (1) may make provision as to—
(a) the circumstances in which a request under subsection (1)(b) may be made;
(b) the amounts that may be requested under subsection (1)(b).
(3) The Secretary of State may by regulations make provision for amounts payable under subsection (1) to be recoverable summarily (or in Scotland recoverable) as a civil debt.
(4) The Secretary of State may by regulations make provision as to the application of any amounts paid under subsection (1).
(5) The Secretary of State may by regulations provide that, where such conditions as are specified in the regulations as regards the reserves of the FR Scheme are satisfied, the FR Scheme administrator must pay to the Secretary of State an amount of the reserves to be determined in accordance with the regulations.
(6) Regulations under subsection (5) may—
(a) define “reserves”;
(b) make provision about determining the amount of the reserves of the FR Scheme.
(7) Before making regulations under subsection (5), the Secretary of State must consult the Prudential Regulation Authority.’—(Dan Rogerson.)