Nuclear Incident Liability Reform Act of 1979

Nuclear Incident Liability Reform Act of 1979 - Amends the Atomic Energy Act of 1954 to require persons who are issued licenses for nuclear facilities after enactment of this Act to obtain the maximum amount of liability insurance available from private sources. Requires that such licensees participate in an industry retrospective rating plan in addition to maintaining such insurance. Directs the Nuclear Regulatory Commission to establish rules specifying the rates for deferred premiums charged to licensees under such plan in the event of any nuclear incident resulting in public liability which exceeds or appears likely to exceed the level of a licensee's primary financial protection and the amount otherwise available from such licensee for the satisfaction of such liability.

Authorizes the Commission to loan to such a licensee, at prescribed interest rates, the amount by which an assessment of deferred premiums exceeds the amount which the licensee is able to pay within a reasonable time following any nuclear incident without impairing its ability to provide electric utility service.

Makes any licensee who obtains an operating license after enactment of this Act ineligible to receive indemnification from the Commission for liability in excess of the level of financial protection required of the licensee. Eliminates the $500,000,000 ceiling on indemnification of contractors of the Commission against claims for liability, arising out of contractual activities, which are above the amount of financial protection required of contractors.

Eliminates the limitation on liability for a single nuclear incident in the case of any facility which is issued a construction permit after the enactment of this Act.

Directs the Commission to require the insurance policies of licensees who obtain construction permits after enactment of this Act to include provisions which waive defenses: (1) relating to the conduct or fault of persons required to obtain financial protection; (2) relating to charitable or governmental immunity; and (3) based on any statute of limitations if suit is instituted within three years from the date on which the claimant first knew, or reasonably could have known, of an injury and its cause.