I/II. http://economictimes.indiatimes.com/news/politics-and-nation/rs-1500-crore-insurance-pool-to-indemnify-nuclear-reactor-suppliers/articleshow/46641369.cms
Rs 1,500 crore insurance pool to indemnify Nuclear Reactor suppliers By Dipanjan Roy Chaudhury, ET Bureau | 21 Mar, 2015, 10.42AM IST NEW DELHI: India has launched a Rs 1,500 crore insurance pool to indemnify international and domestic nuclear reactor suppliers against liability in case of an accident. The measure comes a little over a month after the nuclear liability law became functional. The pool was launched at a daylong workshop of Indian Nuclear Insurance Pool organised by the Ministry of External Affairs. Terming the meet a very successful, MEA sources said both global and domestic reactor suppliers were happy with the detailed paper that the ministry launched in February on the functioning of the liability law. The prospective suppliers are also understood to have expressed satisfaction with subsequent action by the government to expedite the process of setting up of reactors. The government has made it clear that the liability law will not be amended, but has suggested the Indian Nuclear Insurance Pool as a mechanism to transfer risk of companies. [Box] Five public sector firms, led by General Insurance Corporation of India, will provide Rs 750 crore for the project, while the Centre will contribute a matching sum. Seven more insurance firms, including private ones have joined the pool, sources said. The workshop was addressed by GIC CMD, besides senior MEA officials, Department of Atomic Energy officers, and representatives of US nuclear insurer and French nuclear pool. A senior official of the Nuclear Power Corporation of India Limited and members of prospective domestic suppliers also made presentations. The aim of the workshop was to bring foreign and domestic equipment suppliers to address concerns over the issue of legal responsibility and explain the way an insurance pool works, including in countries like the US and France. Sources informed that discussions were held on how premium for such insurance would work. Suppliers have raised objections to India's Civil Liability for Nuclear Damage Act that says nuclear equipment suppliers are liable for damages from an accident, as firms say this is a deviation from international norms that put the onus on the operator. The liability law had proved to be a stumbling block to the India-US nuclear act. Even Russians were not satisfied with the law. II. http://indianexpress.com/article/india/india-others/to-commercialise-nuclear-deal-india-us-exchanging-key-text/ NATION SATURDAY, MAR 21, 2015 To commercialise nuclear deal, India, US exchanging key text nuclear deal, India, US, Indo-Us nuclear deal, Department of Atomic Energy, IAEA, DAE, INIP, NCPW, India news, national news, nation news The Department of Atomic Energy is the lead agency on the Indian side and the Department of Energy is the American signatory. Written by Shubhajit Roy | New Delhi | Published on:March 21, 2015 2:27 am Clearing the decks for commercial operationalisation of the Indo-US nuclear deal after the final seal of approval was stamped at a meeting of the contact group Thursday, the two countries are exchanging signed copies of the administrative arrangements. The exchange of the administrative arrangements is taking place in Mumbai. The Department of Atomic Energy is the lead agency on the Indian side and the Department of Energy is the American signatory. "The last policy hurdle has been resolved. Now, the commercial negotiations can start," a top government source told The Indian Express Friday. This is likely to be the template for India's nuclear agreements with Japan and Australia. RELATED Only On Paper But For First Time,India Agrees To Put All Its N-Reactors Under Safeguards India,US Hope To Clinch Agreement On Reprocessing N-Fuel Nuke Deal: India,US To Meet In Vienna; Will Thrash Out Details The administrative arrangements are kept confidential, since it involves details and procedures of nuclear reactors in a country. Sources said that they are kept classified as they pertain to strategic installations in the country -- they will have details of nuclear reactors, periodic reporting. Sources said India and the US have agreed to tackle the "tracking clause" where they will use the data shared with the International Atomic Energy Agency (IAEA) and keep track of the nuclear material used. This is a legal requirement under US law. "After the necessary internal procedures, the signed texts are currently being exchanged between India's Department of Atomic Energy (DAE) and the US Department of Energy," Ministry of External Affairs spokesperson Syed Akbaruddin said. The administrative arrangements -- the text was finalised during the visit of US President Barack Obama to India in January this year -- contain terms and conditions for the implementation of the landmark deal. Sources said that though the broad contours of the language in the administrative arrangements was finalised in January, diplomats from both sides scrutinised and fine-tuned them. The government also organised a day-long workshop on the Indian Nuclear Insurance Pool (INIP) Friday at the MEA headquarters to tell international partners on setting up of the fund as part of the overall risk-management scheme for liability. Neeru Chadha, Additional Secretary in Legal & Treaties Division, Vinay Kwatra, Joint Secretary (Americas), Amandeep Singh Gill, Joint Secretary (Disarmament & International Security Affairs), are some of the MEA officials participating in the INIP workshop. Also present are officials of Nuclear Controls & Planning Wing (NCPW) of DAE, Homi Bhabha National Institute (HBNI) and Bhabha Atomic Research Centre (BARC), representatives from Australia, Canada, France, Japan, United States, Russia and the IAEA. -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at http://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
