Insurance regulator IRDA is in the early stages of drafting a regulation for covering nuclear accidents.
The move assumes significance as India is expected to be a major player in this sector after its nuclear deal with US is operationalised.
"We are in early stages (of the regulation). This thing involves large amount of risks. We will have to first constitute a pool which will be a member of the larger global pool (of nuclear accident insurance). That is yet to be figured out," Irda Chairman J Hari Narayan said.
Speaking to reporters on the sidelines of the IBAI summit here, he also said that the reinsurer General Insurance Corporation (GIC)) is working on the details to provide insurance protection to such accidents.
It is felt that the ambitious program expected under the Indo-US nuclear deal may not materialise to the desired extent unless there is insurance protection for nuclear accidents.
According to US-India Business Council (USIBC) the Indo-US nuclear deal could open up investment opportunities to the tune of USD 500 billion over the next decade.
As of now, nuclear power accounts for just three per cent share of the total power produced in India from different sources. However, by 2020 this source is expected to provide 20,000 MW of power against little over 4,000 MW currently.
Being a part of the Tata group, the fund has the backing of a very trusted brand name with strong retail connect. While the current CEO has done an excellent job in leveraging the Tata brand name to AMC's advantage, it is ironic that this was just not capitalised on at the start. Incorporated in 1995, Tata Mutual Fund remained an 'also-ran' fund house for around eight years. Till March 2003, it had a little over Rs 1,000 crore in assets and 19 AMCs were ahead of it. But soon after that the equation changed. It was the fastest growing fund house in 2004 and 2005. During these two years, it aggressively launched six equity funds, two debt funds and one MIP. The fund house as of now stands at No. 8 in terms of asset size. This fund house has a lot to offer by way of choice. And, it also has a number of well performing schemes. Tata Pure Equity, Tata Equity PE and Tata Infrastructure are all good funds. It also has quite a few good debt funds. The funds of Tata AMC are known to...
