The Belarusian nuclear insurance pool was established in the Republic of Belarus on February 27, 2019. Its participants are: Belgosstrakh (leading insurer), “Eximgarant of Belarus” and Republican unitary enterprise “Belarusian National Reinsurance Organization” (leading reinsurer and reinsurer).
The purpose of creating the Belarusian nuclear insurance pool is to combine financial opportunities for:
- insurance and reinsurance of risks associated with the construction, commissioning and operation of nuclear power plants in the Republic of Belarus;
- compliance with the Vienna Convention;
- reinsurance of risks transferred from foreign nuclear insurance pools.
The peculiarity of the global pooling system is that risks can be reinsured only in countries where nuclear power plants operate or there are national nuclear insurance pools. The main advantage of such a reinsurance system is the maximum guarantee of payments, since each national risk is divided into shares of several tens of millions of dollars, which in the event of a nuclear incident will not be a problem for any pool.
Nuclear insurance pools operate, as a rule, in the form of non-profit organizations with the status of a legal entity on the following principles:
- co-insurance and joint and several liability of participants;
- use of uniform rules and tariffs;
- proportional distribution of liability and insurance premium in accordance with the established shares;
- implementation of a single policy on reinsurance of liability exceeding the capacity of the pool.
A full range of nuclear risk insurance services may include the following types of insurance:
- civil liability insurance of the operating organization of a nuclear installation;
- third party liability insurance for transportation of radioactive substances, nuclear materials and waste;
- insurance of personnel against accidents and negative effects of ionizing radiation in the workplace.
Currently, the Belarusian nuclear insurance pool cooperates closely with the Russian nuclear insurance pool. Within the framework of cooperation of nuclear insurance pools of Belarus and Russia, projects on reinsurance of nuclear risks of JSC “Concern Rosenergoatom” and JSC “TVEL” are being implemented.
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