Page 38 - Insurance Times October 2023

things, co-ordinate international cooperation and schedule for IN-SPACe to create the regulatory
coordination in the area of global space governance and framework.
programmes in consultation with the Ministry of The policy framework envisaged will need clear rules
External Affairs.
and regulations pertaining to FDI and licensing,
It will also create an appropriate mechanism to
government procurement to sustain the new space
resolve disputes arising out of space activity. start-ups, liability in case of violations and an appellate
Rationalizing the role of ISRO: It states that ISRO will framework for dispute settlement.
"transition out of the existing practice of being present
IN-SPACe is a regulatory body but doesn't have
in the manufacturing of operational space systems.
legislative authority.
Hereafter, mature systems shall be transferred to
IN-SPACe is expected to authorize space activities for
industries for commercial usage. ISRO shall focus
all, both government and non-government entities.
on R&D in advanced technology, proving newer
Currently, its position is ambiguous as it functions under
systems and realization of space objects for
the purview of the Department of Space.
meeting national prerogatives".
ISRO will share technologies, products, processes What Should be Done to Fill these Gaps?
and best practices with other government and non-
The Space Policy 2023 is a forward-looking document
government companies.
reflecting good intentions and a vision. But it is not
This will make ISRO use all its strength on cutting enough. What is urgently needed is a time frame to
edge research and development and long-term provide the necessary legal framework to translate this
projects such as Chandrayaan and Gaganyaan. vision into reality, to successfully launch India into the
Second Space Age
Private Sector's Role:
The government should bring a bill that grants
The NGEs (this includes the private sector) are "allowed statutory status to IN SPACe and also sets out time limits
to undertake end-to-end activities in the space sector
for both ISRO and IN SPACe. The bill should also address
through establishment and operation of space objects, the ambiguity related to Foreign Investment,
ground-based assets and related services, such as government support for new space startups.
communication, remote sensing, navigation, etc.".

Satellites could be self-owned, procured or leased; The Indian Space Policy 2023 unveils the government's plan
communication services could be over India or outside; to let private enterprises carry out end-to-end activities -
and remote sensing data could be disseminated in India from launching satellites and rockets into space to operating
or abroad. Earth stations. This will enhance the need for Satellite
NGEs can design and operate launch vehicles for space Insurance in near future.
transportation and establish their own infrastructure.
3. Satellite Insurance:
NGEs can now make filings with the International
So, there are successes & failures - both are involved in this
Telecommunication Union (ITU) and engage in satellite launching. Moreover, huge expenditures are also
commercial recovery of asteroid resources.
involved on various counts in all these launching affairs. So,
In short, the entire gamut of space activities is now the issue of Satellite insurance comes into the prime focus.
open to the private sector. Security agencies can task This prompted me to come forward with this presentation
NGEs for procuring tailor-made solutions to address on Satellite Insurance requirements & arrangements
specific requirements. available in the General Insurance Market in our country &
globally.
What are the Gaps in the Policy?
The policy sets out an ambitious role for IN-SPACe but Satellite insurance is a specialized branch of aviation
provides no time frame for the necessary steps ahead. insurance in which, as of 2000, about 20 insurers worldwide
Neither is there an indicative timeline for ISRO's participate directly. Others participate through reinsurance
transitioning out of its current practices nor is there a contracts with direct providers. It covers three risks: re-

36 October 2023 The Insurance Times