Raising of resources to Fund Nuclear Insurance Pool

By | March 10, 2016

Raising of resources to Fund Nuclear Insurance Pool

M/s General Insurance Corporation of India (GIC-Re), along with several other Indian Insurance Companies, have launched the India Nuclear Insurance Pool (INIP) with a capacity of ₹1500 crore on 12th June, 2015, to provide insurance to cover the liability as prescribed under Civil Liability for Nuclear Damage (CLND) Act 2010.

The extent of suppliers’ liability is as stipulated in Sec.17 of CLND Act, 2010 and explained in Rule 24 of the CLND Rules, 2011. As per Section 6(2) of the CLND Act 2010, the liability of NPCIL, as the operator, for a nuclear incident will be Rs. 1500 crore.

This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh in a written reply to a question in Rajya Sabha today.

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