Rs 1,500-crore nuclear liability pool gets IRDA approval

Insurance sector regulator IRDA has given in-principle approval for setting up of Rs 1,500 crore nuclear liability pool for providing risk cover to nuclear reactors.

“We have given in-principle approval (for setting up nuclear liability pool). There was a demand for covering the reactors. The corpus for it would be Rs 1,500 crore,” Insurance Regulatory and Development Authority of India Chairman T S Vijayan said here.

“It was thought that this pool would be created within India. So, insurance companies had sought approval from us for creating a separate pool,” he said on the sidelines of a function organised by Insurance Brokers Association of India.

Stating that insurance companies are yet to bring in details on how the money would be raised, he said, “I am sure when it comes we will look at it favourably.”

GIC, the domestic re-insurer, would be the nodal agency for creating a nuclear liability pool with a corpus of Rs 1,500 crore.

On fake calls made to customers, he said insurance brokers and other intermediaries have to act on this and spread awareness among the gullible customers so that they are not cheated.