FANR, Insurance Authority sign deal over policy assessment

Abu Dhabi / WAM

In line with its commitment to cooperate with relevant entities in undertaking its regulatory role, the UAE’s Federal Authority for Nuclear Regulation (FANR) 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.
The Memorandum of Understanding
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.