Tuesday, March 31st9.6°C
25757

Government set to raise civilian liability to $1 billion for nuclear operators

OTTAWA - The Conservative government is poised to introduce legislation that will raise the liability for civilian damages for nuclear operators to $1 billion from the current $75 million.

The Canadian Press has learned that will be included in an act Natural Resources Minister Joe Oliver will introduce in the Commons today to improve offshore energy safety and security along with nuclear security.

The move is part of an orchestrated government effort to get ahead of widespread environment concerns about Canada's energy regulation.

The new bill will conform to an international nuclear accord on supplementary compensation and will allow Canada to ratify the convention it signed late last year.

Since the devastating meltdown of the Fukishima Daiichi nuclear plant in Japan almost three years ago, fears have been raised that Canada's nuclear industry is not properly indemnified against catastrophic accidents.

The new legislation will expand the range of damages that can be claimed and will triple to 30 years the length of time a person can wait to make a claim for latent illnesses.

The bill will also set up a quasi-judicial claims tribunal, if needed, to help speed up damage claims in the event of an accident.

Only half the billion-dollar liability coverage for nuclear operators will have to be covered using traditional insurance. Operators will be allowed to put up other forms of financial security for the remaining $500 million.

And the government of Canada will provide some of the coverage for lower-risk nuclear facilities, such as smaller research reactors.

The Fukushima meltdown was caused by an earthquake and tsunami in March 2011 that has resulted in the complete shut-down of Japan's nuclear reactor fleet.

Japan's National Institute of Advanced Industrial Science and Technology has estimated it will cost at least US$31 billion over 30 years to clean up the site, and could cost as much as $58 billion.

The Canadian Press


Read more Business News

25607


Recent Trending




Today's Market
S&P TSX14902.44-5.95
S&P CDNX680.07-0.26
DJIA17776.12-200.19
Nasdaq4900.88-46.56
S&P 5002067.89-18.35
CDN Dollar0.7880-0.0008
Gold1182.90-0.20
Oil47.73+0.13
Lumber275.30-2.90
Natural Gas2.643+0.003

 
Okanagan Companies
Pacific Safety0.125+0.010
Knighthawk0.010.00
QHR Technologies Inc1.48-0.02
Cantex0.03-0.01
Anavex Life Sciences0.211-0.004
Metalex Ventures0.04+0.00
Russel Metals24.04-0.36
Copper Mountain Mining1.16-0.02
Colorado Resources0.11-0.01
ReliaBrand Inc0.0036-0.0024
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.25+0.02
Decisive Dividend Corporation1.80+0.02

 



25790

FEATURED Property
207281324 - 18451 Cyrstal Waters Road
4 bedrooms 5 baths
$1,695,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Down payment

If you have less than 20% down payment, mortgage insurance is required through Canada Mortgage & Housing (CMHC), Genworth or Canada Guaranty. Homeowners no longer need the minimum 5% down payment ...


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...

_



25482




Member of BC Press Council


25342