EXCLUSIVE: Constantin TOMA is the President of PAID
 Constantin TOMA was elected as President of PAID - the Romanian Insurance Pool against Disasters. The decision was adopted by the Management Board of PAID, in a meeting held today, according to market sources. Also, Radu MUSTATEA, President of the Board, ASTRA Asigurari, has been named as Vice-president of the Pool.
At the same time, market sources confirm the fact that TOMA will step down from his position as General Manager at OMNIASIG, following the expiration of his management contract or the resignation.
PAID - the Insurance Pool against Disasters was constituted on September 23, having as shareholders 13 insurance companies, compared to 16, that initially affirmed their intention.
ASTRA Asigurari, CLAL and GROUPAMA will hold the maximum share accepted by law for newly created pool - 15%.
The other 10 companies will each own 5.5% of PAID's share capital, fixed at EUR 4.55 million.
Among the big absentees in the shareholder structure of PAID we can mention major companies that represent VIENNA Insurance Group's interests in Romania - OMNIASIG, ASIROM and BCR Asigurari and also the leader of Romanian non-life insurance market - ALLIANZ-TIRIAC Asigurari.
PAID is the company that has the purpose to issue mandatory house hold insurance policies against earthquakes, landslides or floods, according to Law No. 260/2008. In our country, the system will be operational from January 1, 2010.
The benefits of implementing the compulsory household insurance and also other specific methods on improving the voluntary household insurance will represent the key subjects of the ICAR - The International CAatastrophic Risk Forum.
The Forum has come to its Sixth Edition and will be organized in partnership with the Ministry of Administration and Interior and Media XPRIMM, being held on Monday, October 12th, at the Parliament Palace.
Author: Octavian CONSTANTIN
on 08.10.2009
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