PAID begins issuing mandatory household insurance policies
 After several postponements of the deadline for implementation of mandatory household insurance, members of the Pool of Insurance Against Natural Disasters (PAID) will underwrite today, July 15, 2010, the first policies. On this occasion, PAID held today a press conference at Hotel INTERCONTINENTAL.
Starting the program of mandatory household insurance against risks of floods, earthquakes and landslides occurs at a time when Romania is already facing a month with severe flooding in rural areas.
 According to the law, all house owners will have to insure their households against the risk of floods, earthquakes and landslides. They will pay EUR 10, respectively EUR 20 for a maximum compensation of EUR 20,000. Not complying with the obligation to insure one's household, as provided by law, is a contravention and is punishable by a fine of RON 100-500, to be applied by the mayor of the locality in which the house is located.
PAID was created in September 2009 by 13 insurance companies: ASTRA Asigurari, GROUPAMA Asigurari, PLATINUM Asigurari, ABC Asigurari, ARDAF, CARPATICA Asig, CERTASIG, CITY Insurance, CREDIT EUROPE Asigurari, EUROINS, GENERALI Asigurari, GRAWE Romania and UNIQA Asigurari.
Of these, the first three each hold the maximum stake admitted by law, respectively 15%, the other 10 founding members each participating with the minimum amount of EUR 250,000, totaling 5.5% of the share capital of PAID. The share capital of the Pool rises at this moment to RON 19,341,819 (EUR 4,545 million).
Author: Andreea IONETE
on 15.07.2010
Comment this article
0 comments
|
