The Government has created a Nuclear Insurance Pool: what this means for security

The Cabinet of Ministers has approved the Regulation on the Nuclear Insurance Pool. According to the information from the Ministry of Energy, the nuclear insurance pool is an association of insurers that have the appropriate license to carry out activities in accordance with insurance class 13, as defined by the Law of Ukraine 'On Insurance'.

The goal of the Pool is to ensure the financial viability of the system of insurance for civil liability of nuclear facility operators and to guarantee an adequate level of protection for the population, the environment, and property in the event of a nuclear incident.

The regulation defines the status, purpose, and tasks of the Pool, the procedure for membership, organization of management, as well as the procedure for insurance, co-insurance, and reinsurance for potential nuclear damage. This is an important step towards fulfilling legislative requirements and adhering to international obligations of the state in the field of nuclear safety.

'The approval of the Nuclear Insurance Pool Regulation is an important step towards strengthening financial mechanisms for nuclear safety. This is not only compliance with legislative requirements, but also a clear signal to our international partners: Ukraine takes security issues, protection of people, and the environment in the use of nuclear energy seriously' - noted the Minister of Energy of Ukraine, Svitlana Hrynchuk.

The Minister emphasized that the regulatory framework for the Pool's activities will promote the development of the insurance market in the field of nuclear energy and facilitate effective interaction between state and private institutions.

'The pool mechanism allows for the consolidation of financial resources of insurers and ensures real coverage of potential losses. This is an important element of the state's energy security' - the Minister added.

The Regulation on the Nuclear Insurance Pool was approved by the Cabinet of Ministers to ensure effective financial protection in the event of nuclear incidents, as well as to meet the requirements of legislation and international standards in the field of nuclear safety.