The decision of the general assembly of shareholders held on June 27, 2022 will be subject to approval by Romania’s financial supervisory authority.
In line with the decision of PAID shareholders, the share capital will be increased to a value four times higher than the current one, considering the existence of some reserves set up from profits undistributed in the previous years.
PAID is a privately-held insurance-reinsurance company established through the association of insurance companies in order to conclude mandatory home insurance policies under the provisions of Law no. 260/2008.
PAID administers the mandatory home insurance system, which covers three basic risks specific to Romania, namely, earthquakes, floods and landslides.