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International

U.K. flood reinsurance scheme approved by European Commission

January 30, 2015 Reprints

The European Commission has approved a U.K. reinsurance scheme which focused on ensuring affordable insurance for flood damage, reported Reuters.

The commission said that the scheme was compatible with its state aid rules. "The scheme remedies the market failure without unduly distorting competition," said the commission, adding that the scheme is open to all domestic property insurers in the United Kingdom and it is transitory.

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U.K. flood reinsurance scheme approved by European Commission

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