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Romanian Senate OKs Draft Law On Compulsory House Insurances

The Romanian Senate approved a draft law compelling owners to insure their dwellings against natural disasters for sums ranging between EUR10,000 and EUR20,000, based on house type.
Romanian Senate OKs Draft Law On Compulsory House Insurances
05 nov. 2007, 20:10, English
Moreover, an Insurance “Pool” against Natural Disasters (PAID), which represents an insurance-reinsurance commercial company, was also set up by associating the insurance companies authorized to conclude compulsory house insurances.
The Senate enacted with 73 "pros" and one”con” the draft law on the compulsory house insurance.
Under the law, any person who comes to own a house will be compelled to contract a compulsory insurance within five working days after the ownership deed is authenticated.
Romania has some 8.5 million dwellings, including vacation houses, protocol dwellings, company suits and social residences.
The latest estimations released by the Insurance Supervisory Commission, or CSA, shows that only 10% of them are insured against natural disasters.