Section 63, The Environment Protection Agency Act, 2022

(1) The Board may, by statutory instrument makeregulations provided that persons responsible for specified projects shall take and maintain insurance or other appropriate financial security to guarantee payment of the compensation for damage caused as a result of the operations of the project or the payment for preventive measures or restorative action where necessary. (2) Regulations made under this section shall specify the minimum amount of insurance or other appropriate financial security to be maintained in respect of specified projects, together with any other requirements regarding the period to cover and the conditions under which such cover may cease or the liability of the insurer may be avoided by reason of any act or omission on the part of the party insured.