UAE –Nuclear Authority & Insurance Authority sign agreement
Thursday, 12 22 2016, Category: Insurance and Reinsurance, Country: U.A.E
In line with its commitment to cooperate with relevant entities in undertaking its regulatory role, the UAE’s Federal Authority for Nuclear Regulation, FANR, yesterday signed a Memorandum of Understanding, MoU, with the Insurance Authority.
The MoU promotes the exchange of information between the two entities and cooperation in the assessment and evaluation of insurance policies and sources of insurance envisaged under Federal Law by Decree No. 04 of 2012 concerning Civil Liability for Nuclear Damage, otherwise known as the Nuclear Liability Law. Such insurance policies are required from an operator of a nuclear installation to cover its liability for nuclear damage as required by the Nuclear Liability Law.
Christer Viktorsson, Director-General of the Federal Authority for Nuclear Regulation, and Ebrahim Al Zaabi, Director-General of the Insurance Authority, signed the MoU in the presence of a number of directors and managers from both organisations.
The MoU allows both organisations to share and validate information on insurance companies and their suitability to act as insurers, and to share and validate information on the legal requirements for insurance companies in the UAE. It also allows both organisations to review and assess insurance policies in light of the provisions of the Nuclear Liability Law.
This MoU is in line with FANR’s commitment to enhance its role as the regulator of the UAE’s nuclear sector and to steer its efforts to coordinate with the relevant entities in order to fully undertake its role and responsibilities.
Source: Emirates News Agency