Insurance policy for 21 nuclear reactors cleared

India’s nuclear power agency has cleared a long-delayed insurance policy for all 21 reactors. This marks a significant step in the country’s plans to become a serious contender in the world’s top nuclear power generators.

Officials said the insurance policy was cleared by the board of the Nuclear Power Corporation of India Limited (NPCIL) recently under the India Nuclear Insurance Pool (INIP), set up in June 2015 to address liability issues for both operators and suppliers.

The insurance policy of suppliers was also finalised on April 21 and is likely to be cleared in the next meeting between GIC Re, the lead manager of the Insurance Pool, and industry representatives, they told Hindustan Times. India plans to build around 60 nuclear reactors with an aim to produce 63,000 megawatts (MW) of power by 2032, from 5,780 MW at present, as part of a broader push to move away from fossil fuels and cut greenhouse gas emissions.

A 2010 law giving the state-run NPCIL the right to seek damages from suppliers in the event of an accident had been putting off suppliers till now.

India has already deposited its instrument of ratification for the Convention on Supplementary Compensation for Nuclear Damage (CSC) with the International Atomic Energy Agency in February this year. The CSC requires signatories to channel liability to the operator and offers access to relief funds.

An official said the Modi government set up an INR1,500-crore insurance pool after putting the liability issue on fast track.