PAID was founded
 PAID - the Pool of Insurance against Disasters was constituted yesterday, September 23. As announced yesterday in premiere by 1asig.ro, PAID will be composed of 13 companies, compared to the 16 initially speculated, this having been later confirmed by the press release issued by the law firm VOICU&FILIPESCU.
Thus, ASTRA Asigurari, CLAL and GROUPAMA will own the maximum share accepted by the law for the newly created pool - 15%. At the same time, UNIQA has decided to reduce its stake to the minimum value allowed.
The other 10 member companies will have each a share of 5.5% of the share capital of PAID, established at EUR 4.55 million.
Among the companies that signed the founding agreement, FATA Asigurari, FORTE (former IRASIG) and GARANTA are not included, whose files were not accepted by the ISC, according to information speculated by some sources. The three insurers had manifested their intention to sell mandatory household insurance.
Among the biggest absentees are the companies that represent the interests of the VIG group in Romania - OMNIASIG, ASIROM and BCR Asigurari and the non-life market leader, ALLIANZ-TIRIAC Asigurari.
Actionarii PAID | | ASTRA Asigurari | 15% | | CLAL Romania | 15% | | GROUPAMA | 15% | | ABC Asigurari | 5.5% | | ARDAF | 5.5% | | CARPATICA Asigurari | 5.5% | | CERTASIG | 5.5% | | CITY Insurance | 5.5% | | CREDIT Europe Asigurari | 5.5% | | EUROINS | 5.5% | | GENERALI | 5.5% | | GRAWE | 5.5% | | UNIQA | 5.5% |
The structure of the first Management Board of PAID is the following:
• From the shareholders who own 15% of the shares of PAID - Radu MUSTATEA, ASTRA Asigurari; Denis ROUSSET, GROUPAMA Asigurari; Efraim NAIMER, CLAL Romania Asigurari-Reasigurari;
• From the other shareholders of PAID - Nicolae MUSAT, CITY Insurance, and Adina BACIOIU, GENERALI Romania;
• From the Insurance Supervisory Commission (ISC) - Marinela NEMES and Mihai BUZEA.
"The Management Board will take all due care to record and start operations needed to make PAID functional as fast as possible. The insurance companies shareholders of PAID will make every effort to inform the population on the system of mandatory household insurance and, to this respect, we will join efforts with the authorities, so that everyone can understand the undeniable benefits of this system. PAID remains open to other insurance companies that want to become members, therefore, in the future, PAID will certainly have more shareholders", Radu MUSTATEA, President of ASTRA Asigurari and representative of the Initiative Group regarding the constitution of PAID said.
"The ISC has encouraged and supported PAID and it will support and monitor, of course, the activity of this company. Besides the fact that, this way, Romania is aligning to European practices existing in the field, in our country the functioning of such a company is absolutely necessary, which can compensate the material losses frequently caused by earthquakes, landslides or floods", Marinela NEMES, General Director of the General Legal Department of the ISC stated.
The steps for the registration of PAID will be completed in the next period, as well as the process of aligning the legislative framework to the operational needs of PAID and the process of informing the population regarding the obligations of each house owner and regarding the benefits of this system.
PAID is founded as an insurance-reinsurance company, by association as shareholders of the companies authorized to sell mandatory household insurance. The Pool will issue mandatory household 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.
Author: Andreea IONETE
on 24.09.2009
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