The Financial Supervisory Authority (ASF) approved on Tuesday the appointment of Kosmin Tudor as Deputy CEO of the Pool of Insurance Against Natural Disasters (PAID), a company that provides compulsory home insurance against earthquakes, floods and landslides. For the last 4 years, Kosmin Tudor has been the development director of the company and has 25 years of experience in insurance.
In his new position, he will also be responsible for the operational stability of the company along with the development of the level of insurance coverage, coordinating the IT, claims, distribution, methodology, analysis and marketing communications teams.
Kosmin Tudor is 47 years old, he graduated from the Faculty of Economic Sciences of the University named after “Al. I. Kuza” from Yass.
2 million homes insured after 13 years of legal obligations
After 13 years since the mandatory earthquake, flood and landslide home insurance process began, on Wednesday, November 15, the milestone of 2 million insured homes was passed for the first time, while another 7.4 million homes remain uninsured.
We remind you that according to Law 260/2008, homeowners are obliged to insure their houses against earthquakes, floods and landslides, and the first catastrophe insurance contracts (PAD) were concluded in the summer of 2010.
Theoretically, the fine is from 100 to 500 lei for owners who did not insure their houses.
However, in practice, no fine has been imposed so far. Applying the sanction is up to mayors, who, however, need people’s votes and avoid being negative characters.
The price of compulsory insurance for buildings with a more stable construction, especially in cities, has increased from 100 lei to 130 lei per year, starting from Saturday, November 11, while the maximum compensation in the event of a disaster caused by an earthquake, flood or landslide has remained unchanged – 100,000 lei.
For adobe or plaster houses, the price of compulsory insurance remained at 50 lei, the amount for which the owners can receive compensation of up to 50,000 lei in the event of a disaster.
- Read also: Compulsory home insurance has become more expensive. 5 changes that could force Romanians to insure their homes
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.