Romanian Senate OKs Draft Law On Compulsory House Insurances

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.