Nuclear Incident Liability Reform Act

Nuclear Incident Liability Reform Act of 1981 - Amends the Atomic Energy Act of 1954 to require that the amount of financial protection required of a licensee licensed under such Act for purposes of nuclear incidents shall be the maximum amount of liability insurance available from private sources. Provides for periodic redetermination of such amount by the Nuclear Regulatory Commission (NRC) based on the cost of living (including health care costs). Requires that all licensees required to maintain such financial protection participate in an industry retrospective rating plan under which the deferred premium which shall be charged following any nuclear incident shall be an amount required by rules promulgated by the NRC.

Authorizes the NRC to make a loan to any licensee unable to meet any assessment of deferred premiums within a reasonable time following any nuclear incident without impairing the provision of electric utility service by such licensee.

Repeals statutory requirements with respect to indemnification agreements between the NRC and licensees. Removes statutory limitations on the amount of indemnity the NRC may provide to its own contractors for construction or operation of production or utilization facilities and on the aggregate liability for a single nuclear incident. Removes the exemption for nonprofit educational institutions from the financial protection requirements. Repeals the NRC's authority to: (1) enter into an indemnification agreement in connection with the nuclear ship Savannah; and (2) establish procedures to handle public liability claims.

Requires that provisions waiving certain defenses with respect to any nuclear incident be incorporated in insurance policies or contracts furnished as proof of financial protection (currently the NRC may require the incorporation of such waiver provisions in such policies or contracts).