Summary: H.R.2512 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for H.R.2512. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/12/1981)

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, except for its real property and tangible personal property other than cash and securities, from Federal, State, and local taxation.

Establishes in the Treasury a Nuclear Property Insurance Fund to be used by the Corporation. Authorizes the Corporation to request investments of excess moneys in the Fund and to issue obligations to cover specified costs.

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 the greater of two 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 Utilities Corporation cannot carry out its responsibilities in connection with Three Mile Island Unit 2. Directs the Corporation to reimburse the General Public Utilities 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: (1) there is a joint Pennsylvania-New Jersey Utility Commission plan to insure service continuity and economic stability for the General Public Utilities Corporation; and (2) the General Public Utilities Corporation agrees to pay a premium surcharge to recover 50 percent of the Corporation's costs.

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 Utilities Corporation to 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.