81 Intervention by the FCA or the PRA
Water Act 2014 (2014 c 21) | Legislation

81  Intervention by the FCA or the PRA

(1)     The Treasury may by regulations confer on a regulator the power to disapply or modify, in relation to a relevant insurer, an obligation imposed by regulations under—

(a)     section 70 (flood insurance obligations),

(b)     section 72 (information), or

(c)     section 78 (compliance reports).

(2)     In this section “the intervention power” means the power conferred by regulations under subsection (1).

(3)     The regulations may specify which obligations, or which descriptions of obligations, a regulator may disapply or modify under the intervention power.

(4)     The regulations may specify what modifications, or what descriptions of modifications, may be made by a regulator under the intervention power.

(5)     The regulations may specify the circumstances in which, and the conditions subject to which, a regulator may exercise the intervention power.

(6)     Provision under subsection (5) may in particular provide for a regulator to exercise the intervention power in relation to a relevant insurer—

(a)     where the relevant insurer is failing, or is likely to fail, to satisfy the threshold conditions for which the regulator is responsible,

(b)

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