| (1) | The Minister must, on the recommendation of the board and by notice in the Gazette, categorise the various nuclear installations in the Republic, based on the potential consequences of a nuclear accident. |
| (2) | The Minister must, on the recommendation of the board and in consultation with the Minister of Finance and by notice in the Gazette, determine— |
| (a) | the level of financial security to be provided by holders of nuclear installation licences in respect of each of those categories; and |
| (b) | the manner in which that financial security is to be provided, |
in order for the holder of a nuclear installation licence to fulfil any liability which may be incurred in terms of section 30.
| (3) | Despite subsection (2), the Minister may, after consultation with the board, for so long as the holder of a nuclear installation licence may be liable for nuclear damage— |
| (a) | increase or decrease the level of financial security to be provided by that holder as determined in terms of subsection (2); |
| (b) | if financial security has not been required in terms of subsection (2) require that holder to provide financial security; |
| (c) | discharge that holder from the requirement to provide financial security; |
| (d) | amend the manner in which that holder must provide financial security. |
| (a) | nuclear damage occurs and compensation is claimed as a result thereof; or |
| (b) | the Minister is satisfied that such compensation is likely to be so claimed, |
the Minister may require the holder of the nuclear installation licence in question to give additional financial security in respect of those claims or possible claims, to an amount which the Minister, after consultation with the board, determines.
| (5) | The holder of a nuclear installation licence must annually provide proof to the Regulator that any claim for compensation to an amount contemplated in section 30(2), can be met. |
