Nuclear Facility Standardization Act of 1986

Nuclear Facility Standardization Act of 1986 - Title I: Licensing and Regulatory Reform - Amends the Atomic Energy Act of 1954 to require the Nuclear Regulatory Commission to establish procedures for the approval of standardized facility designs and of any major subsystem of such a facility that represents a discrete element of it. Sets forth guidelines under which: (1) the Commission shall grant approval for such standardized designs; (2) modifications to design approvals may be made; (3) design approvals may be renewed; and (4) deviations from a license or approval may be made without prior Commission approval. States that the Commission's determination regarding the approval of construction or operating licenses (or permits) constitutes a final order under the Act.

Requires the Commission to establish procedures to issue a site permit for approval of a site for production or utilization facilities. Sets forth guidelines under which the Commission shall issue a site permit. States that the Commission's determination regarding a site permit application constitutes a final order under the Act. Prescribes standards under which the Commission shall renew a site permit. Sets forth guidelines under which the Commission shall grant a construction permit or operating licenses for production or utilization facilities. States that for purposes of this Act a construction permit is a license.

Requires the Commission to issue a construction and operating license to an applicant for a commercial production or utilization facility if the application contains sufficient information to enable the Commission to determine that there is reasonable assurance that the facility will be constructed and operated in compliance with prescribed standards.

Directs the Commission to incorporate in the construction and operating license: (1) a phased-approval procedure for construction quality assurance; and (2) the procedures and criteria necessary to provide reasonable assurance that construction and operation will be in accordance with the license.

Requires a licensed utility to notify the Commission of its readiness to operate the facility before it may begin operation. Requires the Commission to publish in the Federal Register a notice of such intended operation, and to provide a certain period during which written objections to the facility's operation may be filed on the basis that construction or operation will not be in conformity with the license.

Prohibits the Commission from making any modifications once a construction or operating license (or permit) has been issued, unless the Commission finds that the modification would result in a substantial improvement in overall safety, and that for a production facility, the change is justified after specified factors have been considered.

Requires the Commission to establish a centralized, systematic, and documented review process to evaluate proposed changes. States that proposed changes may only be made effective after the Commission has issued a rule or an amendment to the license. (Exempts changes affecting the public health or safety from such requirement.)

Title II: Conforming Amendments - Precludes from judicial review: (1) a decision by the Advisory Committee on Reactor Safeguards to review or fail to review an application or proposed amendment or renewal of a design approval; and (2) a Commission decision to refer or not refer an application to such Advisory Committee.