India focus: India's nuclear pool a done deal
Source: Asia Insurance Review | Mar 2015
India and the US have finally reached an understanding on the issues related to civil nuclear liability following President Obama's visit to the subcontinent in January. India will now be able to move towards commercial negotiations on the setting up of reactors with international collaboration in the country. To facilitate this, the India Nuclear Insurance Pool has been instituted to help negotiations between the operator and the supplier concerning a right of recourse by providing a source of funds through a market based mechanism to compensate third parties for nuclear damage. It would enable the suppliers to seek insurance to cover the risk of invocation of recourse against them.
By Jimmy John
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