Asian News - India Nuclear Insurance Pool launched
Source: Asia Insurance Review | Jul 2015
General Insurance Corporation of India (GIC Re), in association with non-life insurance companies, have come together to form the India Nuclear Insurance Pool (INIP), launched on 12 June 2015.
The Pool was launched by Dr R K Sinha, Chairman, Atomic Energy Commission, in a brief function organised in Mumbai and was attended by dignitaries coming from India and abroad, including those from the insurance/reinsurance industry, nuclear industry and officials from the government of India.
The INIP is formed by GIC Re and the public as well as private non–life insurance companies by collating their capacities to cover the Nuclear Operators Liabilities under section 6 of the Civil Liability of Nuclear Damage Act (CLNDA) 2010. The Pool shall provide the risk transfer mechanism to operators and suppliers to meet their obligations under section 17 of the Act.
The New India Assurance Company Limited, a major capacity provider, will issue the insurance policy and deal with the management of cover to the operators and suppliers on behalf of all direct insurance companies participating in the pool.
27th Nuclear Insurance Pool
The INIP will be the 27th Nuclear Insurance Pool of the world managing nuclear liabilities and is expected to address third party liability insurance under the 2010 Act to begin with, and later to expand into property and other hot zone risks, working in close co-ordination with the nuclear power industry.
The press release said that with this launch, India has joined an exclusive list of countries having nuclear pools. “Reinsurance support from Nuclear Risk Insurer (NRI) of London has been one of the key development in our efforts to operationalise the INIP.”
Going forward, GIC Re as the Pool Manager shall strive to ensure that India Nuclear Insurance Pool develops into one-stop facility for covering all nuclear risks.