home insurance

Romanian local authorities will be able to fine people without mandatory home insurance only starting with August 2012, according to Law 260/2008 as amended and republished, although the Interior Ministry said the deadline was July 15, 2011.

Romanian insurer PAID will collaborate with local authorities to sell mandatory home insurance policies, its estimates showing that 60% of the houses in the country, around five million, are not insured.

Romania’s first mandatory home insurance policies will be issued in July or August, at the latest, after PAID, the company issuing mandatory home insurance policies, concludes the reinsurance contract with reinsurance brokers, PAID general manager Marius Bulugea said Tuesday.

Romania’s first mandatory home insurance policy might be issued in July if PAID, the company issuing mandatory home insurance policies, manages to conclude the reinsurance contract with reinsurance brokers, PAID managing board member Radu Mustatea said Monday.

Romanian president Traian Basescu Tuesday promulgated the law obligating private individuals and legal entities to ensure their homes against natural disasters, which will be enforced 120 days after its publication in the Official Gazette.