National Nuclear Regulator Act, 1999 (Act No. 47 of 1999)NoticesCategorisation of the Various Nuclear Installations in the Republic, the Level of Financial Security to be provided by holder of Nuclear Installation Licences in respect of each Category of Nuclear Installation and the manner in which that Financial Security is to be provided5. Manner in which financial security is to be provided |
| (1) | Financial security must be provided by way of— |
| (a) | an insurance policy issued by a duly registered insurance company and acceptable to the Board of the Regulator; or |
| (b) | a monetary guarantee issued by a duly registered bank and acceptable to the Board of the Regulator. |
| (2) | A nuclear authorisation holder must annually review the financial security provided against the level of financial security to be provided in terms of paragraph 4(1). |
| (3) | The exchange rate used in the determination of the level of financial security must be the yearly average exchange rate at 31 December, as determined by the International Monetary Fund, for the year under review. |
| (4) | Where the level of financial security has been devalued, the level of financial security must be updated to match the value specified in subparagraph (3). |
| (5) | The nuclear authorisation holder must annually, by 31 March, submit proof to the Regulator of the review and the financial security provided. |