Mandatory insurance for nuclear facility operators

The "Regulation on Liability Insurance and Financial Security for Nuclear Risks," prepared by the Nuclear Regulatory Authority and the Insurance and Private Pension Regulation and Supervision Agency, has been published in the Official Gazette and has entered into force.

Accordingly, the procedures and principles regarding the insurance that legal entities operating nuclear facilities must obtain, or the financial security they must provide, concerning their legal liabilities for nuclear damages arising from nuclear incidents have been established.

Under the regulation, the operator of a nuclear facility will be required to obtain insurance or provide financial security for the nuclear facility before authorization is granted by the Nuclear Regulatory Authority for its activities, before permission is granted for the transport of nuclear material, and 30 days before a transit passage takes place.

For every nuclear facility and every transport activity, and for every transit passage of nuclear materials to be conducted within the sovereign territory of the Republic of Turkey that is subject to the Authority's permission, the operator must obtain insurance or provide financial security valid for the duration of the relevant activity, in the amount and at the time determined by the regulation, and must submit the document regarding the insurance or financial security to the Authority.

The insurance coverage or financial security amount provided by the operator is limited to 700 million euros for nuclear reactors with a thermal power exceeding 10 megawatts and for other nuclear facilities to be determined by the assessment conducted prior to the licensing for nuclear facility operation by the Authority, and limited to 70 million euros for nuclear facilities not falling within this scope.

The insurance coverage or financial security amount will be limited to 80 million euros for the transport of nuclear materials and 80 million euros for the transit passage of nuclear materials.

Sanctions will be applied if nuclear activities are conducted without fulfilling the obligation to obtain insurance or provide financial security.

News Source: 12punto