Section 46Sec./Art. 46

Requirement of Financial Security. No license to operate a nuclear installation shall be issued unless the installation operator secures and maintains insurance or other financial security covering his liability for nuclear damage under this Act. The Commission shall by regulation, prescribe, the type and terms of financial security herein required, which may include private insurance, private contractual indemnity, self-insurance or other proof of financial ability to pay damages under this Act or a combination of any thereof: Provided, That, in fixing the type and terms of such financial protection, the Commission shall be guided by the objectives of assuring to potential victims of a nuclear incident adequate and effective compensation without imposing unreasonable burden on the installation operator.