Indian insurance companies Tuesday told a Parliamentary panel that they could help nuclear operators setting up power plants in the country to secure insurance from international players to enable them pay compensation in case of an accident.
Representatives of the insurance sector, including from Insurance Regulatory and Development Authority (IRDA), made submissions before the Parliamentary Standing Committee on
Science and Technology which is examining the Civil Liability of Nuclear Damages Bill.
The Bill, in its current form, caps the liability of a nuclear operator at Rs 500 crore in case of an accident at a atomic power plant site.
Domestic insurers are believed to have expressed their inability to take a insurance for the amount. There have been vociferous demands to enhance the cap significantly and the Parliamentary Committee is expected to suggest the same.
Currently, Nuclear Power Corporation of India Limited runs all the atomic power plants in the country. NPCIL has entered into agreements with state-run companies like the National Thermal Power Corporation (NTPC) and Indian Oil Corporation (IOC) to set up nuclear plants.
Meanwhile, the Committee is expected to take up clause-by-clause analysis of the Bill on August 5 and submit its report to Parliament before August 11 when the second extension given to it comes to an end.