CSA said in a press release it is considering changing regulations to implement this measure.
CSA also wants to increase the fee paid by the Pool of Insurance against Disasters (PAID) to companies that issue home insurance contracts on its behalf, from 10% up to 20% of the value of the insurance premium.
Set up in September 2009, PAID is a joint stock insurance-reinsurance company that manages the risk fund meant for paying damages in case of natural disasters. Its major shareholders are Astra – 15%, Groupama Asigurari – 15%, Platinum – 15% and Generali Romania – 11%. In addition, ABC Asigurari, Carpatica Asig, Certasig, City Insurance, Credit Europe Asigurari, Euroins and Grawe Romania each own 5.5%.
Homeowners are required to take out insurance against earthquakes, landslides and floods. The yearly premium for the policy sold by PAID is EUR10-20, depending on the type of building, and covers damages between EUR10,000 and EUR20,000.
According to data available at the end of June, PAID administered 423,907 policies, down over 150,000 compared with the end of 2011.