The Cabinet of Ministers of Ukraine has adopted a resolution “On Approval of the Regulations on the Nuclear Insurance Pool.” The document, developed by the Ministry of Energy of Ukraine, was prepared in accordance with the Law of Ukraine “On Civil Liability for Nuclear Damage and Its Financial Security.” Its adoption restores regulatory oversight of the activities of the Nuclear Insurance Pool, which is a key mechanism ensuring the financial security of nuclear facility operators in the event of nuclear damage. The need to adopt the new act arose due to legislative changes, as a result of which the previous Regulations on the Nuclear Insurance Pool, approved by the Cabinet of Ministers in 2003, became invalid.
The Nuclear Insurance Pool is an association of insurers licensed to operate under insurance class 13, as defined by the Law of Ukraine “On Insurance.” The Pool’s main objective is to ensure the financial stability of the civil liability insurance system for 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 newly approved Regulations define the status, purpose, and objectives of the Nuclear Insurance Pool, as well as the membership procedure, management structure, and the framework for insurance, co-insurance, and reinsurance against potential nuclear damage. Restoring the regulatory and legal framework for the Pool’s operations represents an important step toward fulfilling the requirements of the Law of Ukraine “On Civil Liability for Nuclear Damage and Its Financial Security” and ensuring compliance with Ukraine’s international obligations in the field of nuclear safety.
“The approval of the Nuclear Insurance Pool Regulations is a significant step toward strengthening the financial mechanisms of nuclear safety. This is not only a fulfillment of legal requirements but also a clear signal to our international partners that Ukraine takes a responsible approach to safety and the protection of people and the environment in the use of nuclear energy,” said Minister of Energy of Ukraine Svitlana Grynchuk.
She emphasized that proper regulatory oversight of the Pool’s activities will foster the development of a transparent and sustainable insurance market in the nuclear energy sector and promote effective cooperation between public and private institutions.
“The pool mechanism enables the consolidation of insurers’ financial resources and provides real coverage for potential losses. This is an important element of the country’s overall energy security,” the Minister added.
It should be noted that on January 1, 2024, the new Law of Ukraine “On Insurance” entered into force, which establishes the mandatory civil liability insurance for operators of nuclear installations. Under this law, insurers providing operator liability coverage must hold a license for insurance class 13, as defined by the Law of Ukraine “On Insurance,” and must be members of the Nuclear Insurance Pool.
Following the approval of the new Regulations on the Nuclear Insurance Pool, the procedure for its establishment and operation is now defined on an updated regulatory basis, ensuring continuity of insurance protection and the effective implementation of the requirements of Ukraine’s nuclear legislation, as well as compliance with international standards in the field of nuclear safety.
