The first Nuclear Supplier’s insurance policy of India has been officially set in motion by Indian Nuclear Insurance Pool (INIP). The policy has been fully ratified by Shekhar basu, The commissioner of Atomic Energy Commission (AEC) in Mumbai, Maharastra.

India Nuclear Insurance Pool (INIP) and New India Assurance Company (NIAC) will issue the policy and administer the claims on behalf of the syndicate providers. Prior too, NIAC had issued a policy for the operators of nuclear power plants under INIP by under writing premium to the tune of Rs.100 cr.

In the series, India nuclear Insurance Pool (INIP) stands 27th spot as nuclear insurance pool in the world. The pool is led by state owned General Insurance Corporation of India (GIC Re), in affiliation with several non-life insurance firms.

About India Nuclear Insurance Pool (INIP)
Indian nuclear Insurance Pool Is worth Rs.1500 cr. It was triggered according to the certain provisions under the Civil liability for nuclear damage Act (CLND), 2010. The pool furnishes a capacity for insurance coverage to nuclear operators and supplies for any nuclear liability towards the third party.

About Civil Liability for nuclear Damage Act 2010
Civil Liability for nuclear damage Act also known as Nuclear Liability Act provides a civil liability for nuclear damage and prompt compensation to the victims of nuclear incident through a liability to the operator. The purpose of Act is to legally bind the operator and the government to provide relief to the affected population.