Price-Anderson Improvement Act of 1985

Price-Anderson Improvement Act of 1985 - Amends the Atomic Energy Act of 1954 to increase: (1) from $2,000,000 to $10,000,000 the minimum standard deferred premium which may be charged following any nuclear incident: and (2) from $5,000,000 to $15,000,000 the maximum standard deferred premium which may be charged following such an incident for each facility required to maintain the maximum amount of financial protection.

Extends the authority of such Act through August 1, 2002, (currently, it terminates on August 1, 1987).

Authorizes the Secretary of Energy (the Secretary) to enter into indemnification agreements with contractors (until August 1, 2002) for the construction or operation of production or utilization facilities for the benefit of the United States involving activities under the risk of public liability for a substantial nuclear incident (currently, the NRC has this authorization). Includes in such authorization any contracts involving the storage or disposal of spent nuclear fuel, high-level radioactive waste, or transuranic waste, including the transportation of such materials to a storage or disposal site or facility, and the construction and operation of such site.

Directs the Secretary to make available from the Nuclear Waste Fund the amounts necessary to compensate public liability claims related to the transportation, storage or disposal of specified nuclear waste.

Authorizes the Secretary to require as part of an indemnification agreement that a contractor maintain financial protection to cover public liability relating to the contractual activity. Sets indemnification guidelines for persons indemnified against public liability claims. Sets $100,000,000 as the maximum indemnification amount for nuclear incidents occurring outside the United States.

Sets guidelines for aggregate payments made by indemnified persons in any year with respect to liability for nuclear incidents covered by an industry retrospective rating plan.

Provides that either the Nuclear Regulatory Commission or the Secretary shall report to the Congress regarding nuclear occurrences which will probably require payments by the United States.

Sets guidelines under which the United States district court shall approve payments after determining that public liability from a single nuclear incident may exceed in any year the amount of financial protection or the limit of liability available in that year.

Prescribes guidelines for the apportionment of private insurance for all nuclear incidents under the industry retrospective rating plan in the event of two or more nuclear incidents in one year for which public liability claims require payment from such plan.

Extends from August 1, 1983, to August 1, 1998, the deadline by which the Commission and the Secretary must submit to the Congress detailed reports concerning indemnification and liability procedures under the Act.

Extends from 20 years to 30 years the statute of limitations for actions arising out of an extraordinary nuclear incident (ENO). Provides for waiver of defenses in the event of an ENO involving storage or disposal of spent nuclear fuel, high-level radioactive waste, or transuranic waste, or related transportation.