The Financial Supervision Authority said Friday it has adopted amended norms regarding PAID, allowing other insurers to sell mandatory home insurance policies under collaboration protocols signed with PAID.
Allianz-Tiriac is the third largest local insurer by underwritten premiums in 2012, after Astra and Omniasig.
With a share capital of RON99.4 million, the Romanian insurance company is woned by German group Allianz with 52.16% and Cyprus-registered Vesanio Trading Limited, owned by Romanian businessman Ion Tiriac, with 44.48%.
PAID was set up in 2009 and consists of Astra, Groupama, and Gothaer Asigurari (with 15% each), Generali Romania (11%), ABC Asigurari, Carpatica Asig, Certasig, City Insurance, Credit Europe Asigurari, Euroins, UNIQA Asigurari, and Grawe Romania (with 5.5% each).
PAID issued the first mandatory home insurance policies in July 2010. Policies cost EUR10-20, depending on the type of building and cover damages of EUR10,000-20,000.
By the end of July 2013, PAID had issued 316,953 mandatory home insurance policies, from 330,093 by the end of 2012.