Natural Resources committee  Yes.

Natural Resources committee  Well, I think in terms of the first part of your question, certainly I could say that as long as there's nuclear material at the reactor, the reactor is covered under the legislation. So even if it's shut down, it still continues to be covered under the legislation, and any damage that would result from that facility, even in a shutdown period, would be compensable.

Natural Resources committee  No, the insurance company wouldn't have to be a member of NIAC. NIAC is the approved insurer today. That was done many, many years ago, and they're the only approved insurer. But no, it wouldn't be necessary. If another insurance company came forward, had received approval by the Office of the Superintendent of Financial Institutions to provide insurance in Canada, and then subsequently put a submission to the minister, the minister could approve that company to provide nuclear liability insurance.

Natural Resources committee  Each of the insurance companies has a percentage of the $75 million that they are insuring.

Natural Resources committee  That's correct.

Natural Resources committee  Sure. I'll do my best. NIAC represents a number of Canadian private insurers. They, along with the British insurers and the American nuclear insurance company, have joined together to become approved insurers under the Nuclear Liability Act. They have brought their capacities together, those three pools--the American pool, the British pool, and the Canadian pool--and have brought their money to the table in order to provide the insurance to Canadian operators under the Nuclear Liability Act.

Natural Resources committee  That's right. The companies that are members of NIAC and the other pools that are involved are the actual underwriters.

Natural Resources committee  NIAC represents these insurance companies.

Natural Resources committee  That's correct.

Natural Resources committee  We have an agreement with NIAC to provide the insurance. As NIAC comes to the table, they're bringing all of these insurance companies.

Natural Resources committee  I understand the situation. That is why we decided to include this provision in the bill because the operators said that there was a monopoly in the insurance industry. However, the monopoly exists because up to now, no other insurer has sought a share of the business of insuring nuclear operators.

Natural Resources committee  Yes. However, if another insurer asked for government support to insure operators tomorrow, the minister would examine the situation and decide if it is possible. There are no obstacles for other insurers. It is just that, up to now, only one insurer has decided to provide insurance.

Natural Resources committee  Yes, I do. If there were more competition in the industry, premiums would perhaps go down and there would be other forms of insurance and financial securities. That would cause premiums to go down, because if there were a number of insurers, there would be more competition.

Natural Resources committee  No, not NIAC. The insurance industry. Up to now, NIAC has cornered the market, but other companies can offer operators their services.

Natural Resources committee  The implication would be, as the member has suggested, that in fact there would be no limit. There would be no requirement for operators to carry a tier of insurance. They could self-insure or use a provincial guarantee or other alternative financial security to address the required amount.