Protesters in Seoul with banners reading 'No Fukushima radioactive water' during a rally against the IAEA report on Japan's disposal of radioactive water. EPA
Protesters in Seoul with banners reading 'No Fukushima radioactive water' during a rally against the IAEA report on Japan's disposal of radioactive water. EPA
Protesters in Seoul with banners reading 'No Fukushima radioactive water' during a rally against the IAEA report on Japan's disposal of radioactive water. EPA
Protesters in Seoul with banners reading 'No Fukushima radioactive water' during a rally against the IAEA report on Japan's disposal of radioactive water. EPA

UN nuclear watchdog chief hints at disagreement over Fukushima report


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The chief of the UN's nuclear watchdog has hinted at disagreement among experts over the release of treated water from Japan's Fukushima nuclear plant, a plan that has caused widespread concern among Japan's neighbours.

International Atomic Energy Agency director general Rafael Grossi said he had heard of the disagreement but told Reuters that "what we have published is scientifically impeccable".

The panel of international experts approved the release of enough water to fill about 500 Olympic-size swimming pools from the plant, which was crippled by the 2011 tsunami that killed more than 20,000 people.

The panel had experts from 11 countries, including China, which has expressed particular worry over the planned release of more than a million metric tonnes from the plant.

Beijing is the biggest buyer of Japanese seafood and has said the plan threatens marine and human life.

Chinese authorities on Friday said a ban would continue on food imports from 10 Japanese prefectures, including Fukushima, while its foreign ministry said the IAEA's report could not be used to approve the release of water.

"[Chinese] customs will maintain a high level of vigilance," the authority said in a WeChat statement, with import documents from other areas of Japan to be "strictly reviewed" for safety reasons.

All food imports will be inspected and authorities will strengthen radiation detection, it said.

It also seemed to confirm reports of disagreement, saying the IAEA report "did not fully reflect the views of all experts involved in the international assessment".

Mr Grossi said the IAEA's report did not amount to an endorsement of the plan and that Tokyo must take the final decision to release the water, due to start later this summer.

IAEA chief Rafael Grossi at the Japan National Press Club in Tokyo on Friday. AFP
IAEA chief Rafael Grossi at the Japan National Press Club in Tokyo on Friday. AFP

"We do not endorse the plan or recommend this to be done. We say this plan is consistent with the standards," he said.

"We do not take sides. I'm not on the side of Japan or on the side of China or on the side of Korea. The standards apply to all the same way."

While South Korea has also expressed concern over the plans, Seoul said on Friday that the release would not have any "meaningful impact" on the country.

Seoul has conducted its own assessment on the plan and believes the IAEA report meets international standards, officials said.

"We have confirmed concentration of radioactive material meets standards for ocean discharge," said Bang Moon-kyu, Minister of the Office for Government Policy Co-ordination.

Fish markets in the South Korean capital have stepped up radiation testing, conducted regularly since the disaster, in an effort to reassure customers.

"It's much more difficult to make sales now as customers are asking more questions as they worry a lot," Jin Wol-sun, a stall-holder at the Noryangjin market, told Reuters.

South Koreans protested outside Seoul city hall to denounce the plan.

Some Japanese fisherman have also opposed the plan amid fears customers may shun their produce.

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

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Updated: July 07, 2023, 9:18 AM