Q37) The Department of Atomic Energy (DAE) launched the India Nuclear Insurance Pool (INIP). The INIP has become the 27th such insurance pool in the world managing nuclear liabilities. Which of the following statement(s) is/are about the India Nuclear Insurance Pool (INIP)?
1) It will cover the risks of liability of nuclear operators and suppliers under Section 6(2) and Section 17 of the Civil Liability for Nuclear Damages (CLND) Act, 2010 respectively
2) It will be administered by the LIC
Code:
Q37) The Department of Atomic Energy (DAE) launched the India Nuclear Insurance Pool (INIP). The INIP has become the 27th such insurance pool in the world managing nuclear liabilities. Which of the following statement(s) is/are about the India Nuclear Insurance Pool (INIP)?
1) It will cover the risks of liability of nuclear operators and suppliers under Section 6(2) and Section 17 of the Civil Liability for Nuclear Damages (CLND) Act, 2010 respectively
2) It will be administered by the LIC
Code:
The correct option is A Only 1
Ans:37)(a) It provides three types of policies viz., tier 1 policy for operators, tier 2 policy for turn key suppliers and tier 3 policy for suppliers other than turn key suppliers.
· The pricing of premiums will depend on factors such as risk probability, possible severity of damage and exposure to people and property around nuclear installations.
· It will be administered by the General Insurance Corporation of India (GIC Re), the sole reinsurance company in the Indian insurance market.
· Out of the total fund amount of 1500 crore rupees the GIC and other four Public Sector Undertakings (PSUs) including New India, Oriental Insurance, National Insurance and United India Insurance invested 750 crore rupees. The British Nuclear Insurance Pool has also invested 500 crore rupees in the pool.
It will provide insurance cover for both hot zones (radiation and nuclear reactors) and cold zones (outside the reactor areas). At present, nuclear plants in India only have insurance cover for zones that are outside the area of radiation and reactors
Only 1
Ans:37)(a) It provides three types of policies viz., tier 1 policy for operators, tier 2 policy for turn key suppliers and tier 3 policy for suppliers other than turn key suppliers.
· The pricing of premiums will depend on factors such as risk probability, possible severity of damage and exposure to people and property around nuclear installations.
· It will be administered by the General Insurance Corporation of India (GIC Re), the sole reinsurance company in the Indian insurance market.
· Out of the total fund amount of 1500 crore rupees the GIC and other four Public Sector Undertakings (PSUs) including New India, Oriental Insurance, National Insurance and United India Insurance invested 750 crore rupees. The British Nuclear Insurance Pool has also invested 500 crore rupees in the pool.
It will provide insurance cover for both hot zones (radiation and nuclear reactors) and cold zones (outside the reactor areas). At present, nuclear plants in India only have insurance cover for zones that are outside the area of radiation and reactors
