PAID could begin its activity since February 1
According to market sources the activity of PAID (Pool of Insurance Against Natural Disasters) could start at the 1st of February 2010, following that the date of starting the issuing of mandatory household insurance policies to be set subsequently. According to the same sources, now takes place the process of recruiting the company's staff, 5-6 specialists being targeted.
PAID shareholders want to begin the underwriting activity faster, so that, after forming the working team, the reinsurance contract negotiation to take place, which will most likely be completed by mid-March.
Also, for the development of the IT system that will manage the approximately 8.5 million contracts in the national housing fund, the demand to set up the informational platform it was launched to more IT providers. Selection will be made later, based on the specifications elaborated by PAID, in compliance with legislation in force.
According to the quoted source, the degree of coverage of the mandatory household insurance will be, in the first year of functioning of PAID, of 25%.
To be noted that, according to Law no. 260/2008, mandatory household insurance was to be implemented since July 1, 2009, dead-line which was then delayed to January 1, 2010. The given reason was that PAID had not yet been established.
Also, in October 2009, Constantin TOMA, President of PAID, announced at the ICAR Forum a new term for the effective entry into force of mandatory household insurance - July 1, 2010.
Author: Oleg DORONCEANU
on 14.01.2010
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