Nuclear Powerplant Property Damage Insurance Act of 1981

Summary

Nuclear Powerplant Property Damage Insurance Act of 1981 - Establishes the National Nuclear Property Insurance Corporation. Sets forth the membership and powers of the Corporation. Exempts the Corporation and its assets, with specified exceptions, from Federal, State, and local taxation. Establishes in the U.S. Treasury a Nuclear Property Insurance Fund to be used by the Corporation. Authorizes the Corporation to request investments of excess moneys in the Fund. Requires the Secretary of the Treasury to: (1) transfer all funds accounted for in the Fund to the Corporation at the time of its conversion to a private mutual insurance company under this Act; and (2) take appropriate action, at such time, to terminate the operations of the Fund. Provides that such funds shall be used by the Corporation for specified purposes. Authorizes the Corporation to provide insurance to licensees of nuclear powerplants to supplement insurance available from private sources. Requires that the Corporation pay for cleanup and rehabilitation costs associated with onsite property damage following any nuclear incident or damage to an insured powerplant, to the extent such costs exceed specified amounts. Sets a ceiling on such insurance payments. Prohibits the issuance of an operating license by the Nuclear Regulatory Commission (NRC) for a nuclear powerplant unless the licensee is insured by the Corporation. Permits the Corporation to require proof of loss or damage before paying any insurance claim. Directs the Corporation to prescribe insurance premium rates and coverage schedules to provide sufficient revenue to the Fund. Sets a minimum aggregate amount of premiums to be paid by all licensees insured under this Act. Requires the Corporation to maintain an actuarially sound reserve comprised of such premiums in the Fund. Requires insured licensees to pay additional assessments if the Corporation becomes obligated under any insurance agreement for any claim in excess of the amount in the Fund. Establishes a Federal interagency task force to: (1) foster and expedite effective communications among the Federal agencies involved with Three Mile Island Unit 2; and (2) insure preparation of a contingency plan to protect public health and safety and maintain service continuity if the General Public Utility Corporation cannot carry out its responsibilities in connection with Three Mile Island Unit 2. Directs the Corporation to reimburse the General Public Utility Corporation from the Fund for 75 percent of the uninsured costs incurred by such Corporation after enactment of this Act for cleanup associated with onsite property damage at Three Mile Island Unit 2 if there is a joint Pennsylvania-New Jersey Utility Commission plan to insure service continuity and economic stability for the General Public Utility. Requires the conversion of the Corporation to a private mutual insurance company authorized to carry out this Act after repayment of all notes or obligations issued under this Act and the earlier of: (1) the completion of the cleanup at Three Mile Island Unit 2; or (2) the date on which the reserved maintained by the Corporation in the fund equals $750,000,000. Authorizes the Secretary of Energy to: (1) provide technical assistance to the NRC to expedite licensing and regulatory procedures for the cleanup and repair of Three Mile Island facilities; (2) provide technical and planning assistance to the joint Pennsylvania-New Jersey Utility Commission plan; and (3) arrange with the General Public Utility Corporation the use data valuable in understanding and enhancing nuclear reactor safety. Subrogates the Corporation to all rights and claims of an insured licensee against a third party for costs for which the Corporation provides insurance coverage.

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1 official file

• Introduced in Senate

  summary · EN · 20 May 1981

  Open at official source

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