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December 6th, 2007Committee meeting
Dave McCauley
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 damag
December 6th, 2007Committee meeting
Dave McCauley
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
December 6th, 2007Committee meeting
Dave McCauley
Natural Resources committee Each of the insurance companies has a percentage of the $75 million that they are insuring.
December 4th, 2007Committee meeting
Dave McCauley
Natural Resources committee That's correct.
December 4th, 2007Committee meeting
Dave McCauley
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.
December 4th, 2007Committee meeting
Dave McCauley
Natural Resources committee That's correct.
December 4th, 2007Committee meeting
Dave McCauley
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 to
December 4th, 2007Committee meeting
Dave McCauley
Natural Resources committee That's right. The companies that are members of NIAC and the other pools that are involved are the actual underwriters.
December 4th, 2007Committee meeting
Dave McCauley
Natural Resources committee NIAC represents these insurance companies.
December 4th, 2007Committee meeting
Dave McCauley
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 insura
December 4th, 2007Committee meeting
Dave McCauley
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 insuri
December 4th, 2007Committee meeting
Dave McCauley
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.
December 4th, 2007Committee meeting
Dave McCauley
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.
December 4th, 2007Committee meeting
Dave McCauley
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 requi
December 4th, 2007Committee meeting
Dave McCauley