Section 8
Operator to maintain insurance or financial securities.
The Civil Liability for Nuclear Damage Act, 2010
About this Act
An Act to provide for civil liability for nuclear damage and prompt compensation to the victims of a nuclear incident through a no-fault liability regime channeling liability to the operator, appointment of Claims Commissioner, establishment of Nuclear Damage Claims Commission and for matters connected therewith or incidental thereto.
(1) The operator shall, before he begins
operation of his nuclear installation, take out insurance policy or such other financial security or
combination of both, covering his liability under sub-section (2) of section 6, in such manner as may be
prescribed.
(2) The operator shall from time to time renew the insurance policy or other financial security referred to in sub-section (1), before the expiry of the period of validity thereof.
(3) The provisions of sub-sections (1) and (2) shall not apply to a nuclear installation owned by the Central Government.
Explanation.--For the purposes of this section, "financial security" means a contract of indemnity or guarantee, or shares or bonds or such instrument as may be prescribed or any combination thereof.
(2) The operator shall from time to time renew the insurance policy or other financial security referred to in sub-section (1), before the expiry of the period of validity thereof.
(3) The provisions of sub-sections (1) and (2) shall not apply to a nuclear installation owned by the Central Government.
Explanation.--For the purposes of this section, "financial security" means a contract of indemnity or guarantee, or shares or bonds or such instrument as may be prescribed or any combination thereof.