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.
What is BHIM? BHIM stands for Bharat Interface for Money , which is an easy way of transferring money from one bank account to an other via a smartphone using the Unified Payments Interface (UPI) platform . It is an instant payments application meant for sending money as well as requesting for payments. How is it different from UPI? BHIM is no different than UPI. But in the case of BHIM, customers don't have to download mobile applications of multiple banks, instead a single BHIM app downloaded from Android Play Store is sufficient. Other than that, payments can be made through a virtual payments ID or through account number and IFS code, same as UPI. What you need to use BHIM? BHIM can be used across an droid smartphones with version 4.0 and above, also it will be made available on iPhones and Windows smartphones very soon. Further, for feature phone users they need to use the USSD feature by dial ing *99#. Why was the need for BHIM felt when UPI is already in place? With various...
