History of Syban
In Belgium, the setting-up of the Nuclear Energy Study Centre (CEN) at Mol, of which the first research reactor became critical on 11th May 1956, confronted the insurers with the practical problem of the insurance of nuclear risks. And so, on 16th November 1956, a general meeting of the insurance companies operating in Belgium was held at the Belgian Insurance Companies Association (UPEA) where an effective cover of these risks was.
Draft Statutes were submitted to the companies concerned on 24th May 1957. These Statutes were adopted on 23rd July 1957 at a meeting of these companies and the "Belgian Syndicate for the insurance and reinsurance of nuclear risks" was officially founded: 56 companies joined it immediately and 46 others agreed in principle, subject to later confirmation.
On 5th August 1959, an assembly of members approved the new Statutes of the Belgian Nuclear Insurance Pool, of which the initials " SYBAN " are known worldwide. These Statutes, which came into force on 1st September 1959, still determine the activities of SYBAN, subject to some amendments made subsequently to some of its articles. At the beginning of the year 2000, the General assembly approved the internal regulations concerning the handling of a major nuclear loss.