Section 60
Financial security
of Atomic Energy Licensing Act 1984
(1)
No licence to operate a nuclear installation or to import or export nuclear material into or from Malaysia shall be issued under this Act by the appropriate authority to an installation operator or any other person unless the installation operator or other person secures and maintains insurance or other financial security covering his liability for nuclear damage under this Act.
(2)
The Board shall prescribe the type and terms of the insurance or other financial security which shall be secured and maintained by the installation operator or any other person, and such insurance or other financial security may include private insurance, private contractual indemnity, self-insurance or a combination thereof or other evidence of financial ability to pay compensation under this
Act.
(3)
Notwithstanding any law to the contrary, no insurer or other financial guarantor may suspend, cancel or vary the type and terms of the insurance or other financial security provided under this section without giving notice in writing of at least two months to the Board of its intention so to do or, in so far as such insurance or other financial security relates to the carriage of nuclear material, during the period of the carriage in question.