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Nuclear liability fund
Nuclear liability fund. India and the United States have reached an understanding on the issues related to civil nuclear liability and finalized the text of the Administrative Arrangement to implement the September 2008 bilateral 123 Agreement.
India and the United States have reached an understanding on the issues related to civil nuclear liability and finalized the text of the Administrative Arrangement to implement the September 2008 bilateral 123 Agreement. The Indian side presented its position concerning the compatibility of the Civil Liability for Nuclear Damage (CLND) Act and the Convention on Supplementary Compensation for Nuclear Damage (CSC).
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The idea of the India Nuclear Insurance Pool as a part of the overall risk-management scheme for liability was also presented to the US side. Based on the presentations by the Indian side, and the discussion thereon, there is a general understanding that India’s CLND law is compatible with the CSC, which India has signed and intends to ratify.
Section 6(1) of the Civil Liability for Nuclear Damage (CLND) Act prescribes that the maximum amount of liability in respect of each nuclear incident shall be the rupee equivalent of three hundred million Special Drawing Rights (SDRs). Considering the value of 1 SDR as about Rs 87, three hundred million SDRs are equivalent to about Rs 2,610 crore.
Section 6(2) of the Act lays down that the operator’s maximum liability shall be Rs.1500 crore. In case the total liability exceeds 1,500 crore, as per Section 7 (1) (a) of the CLND Act, this gap of Rs1,110 crore will be bridged by the Central Government. Beyond Rs 2,610 crore, India will be able to access international funds under the Convention on Supplementary Compensation (CSC) once it is a party to that Convention.
For damages exceeding the operators liability of Rs1,500 crore, and in accordance with section 7 (2) of the CLND Act, the government has initiated steps to establish a “Nuclear Liability Fund” by charging such amount of levy from the operators, in such manner, as may be prescribed.
The India Nuclear Insurance Pool is a risk transfer mechanism formed by GIC Re and 4 other PSUs who will together contribute a capacity of Rs 750 crore out of a total of Rs 1,500 crore. The balance capacity will be contributed by the government on a tapering basis.
