Foundation and development of the Slovak nuclear insurance pool
The first thoughts of founding the Slovak Nuclear Insurance Pool go back to the former Czechoslovakia. Concrete discussions on commercial insurance of nuclear risks started in 1995 after having acceded to the Vienna Convention on Civil Liability for Nuclear Damage by the Slovak Republic (Parliament Resolution No. 71 of January 25, 1995, valid as of June 7, 1995).
In the same year, a working group to prepare and schedule the foundation of the Slovak Nuclear Insurance Pool was established at the Slovak Insurance Association. As a result of this activity, the Co-operation Agreement of Insurers Insuring Third Party Liability in respect of Operation of nuclear Installations was signed on July 31, 1997, by means of which the Slovak Nuclear Insurance Pool was officially established.
The Co-operation Agreement was signed by representatives of seven insurance companies present in the Slovak Republic (Slovenská poisťovňa, a.s., Allianz poisťovňa, a.s., Ergo poisťovňa, a.s., Kooperativa poisťovňa, a.s., Otčina poisťovňa, a.s., Union poisťovňa, a.s., Univerzálna banková poisťovňa, a.s.). The Co-operation Agreement determined a Leading Insurer – Slovenská poisťovňa, a.s. – that established the Slovak Nuclear Insurance Pool Office, the executive body of the Pool.
In 1997 the Slovak Nuclear Insurance Pool started its activities by insuring foreign risks. The British, the German, the Slovenian and the Croatian Nuclear Insurance Pools belong among the first foreign partners of the Slovak Nuclear Insurance Pool in this period.
As of January 1, 1998, the Statute and Rules of Procedures of the Slovak Nuclear Insurance Pool became effective. Together with the Co-operation Agreement, they make obligatory rules for the activities of the Pool.
On April 1, 1998, the National Council of the Slovak Republic (NR SR) passed a bill and approved the Act No. 130/1998 Coll. on the Peaceful Use of Nuclear Energy (the Atomic Law) that layed the foundations also of insuring nuclear damage. The Slovak Nuclear Insurance Pool provided for nuclear liability insurance coverage of both nuclear power plants – NPP Jaslovské Bohunice and NPP Mochovce.
As of October 1, 1999, the insurance policies covering nuclear property of both our power plants were concluded.
As of January 1, 2003, Allianz, a. s. and Slovenská poisťovňa, a. s. merged and the new Leading Insurer emerged – Allianz-Slovenská poisťovňa, a.s.
In March 2004, the member insurance companies of the Slovak Nuclear Insurance Pool signed the Co-operation Agreement of Insurers Participating in Insurance of Nuclear Operation Facilities on Loss Assessment. It amends relations during nuclear claims handling among insurers in case of nuclear damage.
In 2004, the Slovak Nuclear Insurance Pool diversified its portfolio and added insurance of ionizing radiation sources.
As of September 1, 2005, the Agreement on Joint and Several Liability of insurers participating in the insurance of nuclear installments providing for liability (or a partial liability) by other insurers if some of them is not capable to perform its obligations came into force.
In 2005 and 2017, the Slovak Nuclear Insurance Pool co-organized the international INEX (international nuclear emergency exercises) workshop focused on nuclear damage liability. The workshop was held under the auspices of OECD Nuclear Energy Agency (OECD/NEA) and Nuclear Regulatory Authority of the Slovak Republic.
Currently, the Slovak Nuclear Insurance Pool has eight members: Allianz – Slovenská poisťovňa, a.s. (Leading Insurer), ČSOB Poisťovňa a.s., Generali Poisťovňa a.s., KOOPERATIVA poisťovňa a.s., Vienna Insurance Group, HDI Versicherung AG Branch of an insurance company from another Member State of EU, MSIG Insurance Europe AG Branch of an insurance company from another Member State of EU, Union poisťovňa a.s. a Wűstenrot poisťovňa a.s.
Slovak Nuclear Insurance Pool