The Russian Nuclear Insurance Pool (RNIP) signed a contract for incoming facultative reinsurance of risks with the Chinese Nuclear Insurance Pool (CNIP).

In accordance with the contract, the Russian Nuclear Insurance Pool shall on a pro rata basis reinsure 4% of CNIP’s limit of civil liability under insurance against nuclear damage of operation of 2 power units of Tianwan Nuclear Power Plant located 30 km to the east of Lianyungang (Jiangsu Province). RNIP’s liability limit under this reinsurance contract amounts to USD 1.8 million.

Cooperation of RNIP and CNIP started in 2007 when they signed the Letter of Intent. In January 2009, at the meeting in Beijing an agreement in principal was reached on the transfer of part of risks under contracts for insurance of civil liability of Chinese NPPs to the Russian Nuclear Insurance Pool.

The Tianwan NPP has become a second Chinese nuclear power plant to have its risks reinsured by RNIP. Previously, the two pools signed a contract for the reinsurance of civil liability for nuclear damage of operation of 2 power units (CANDU) of the Chinese Qinshan-3 NPP.