The law on compulsory house insurance could enter into force in Romania towards the half of next year if it is endorsed by the Chamber of Deputies in the fall session, the head of the market watchdog CSA, Angela Toncescu said.
- Publicitate -
Mandatory home insurance is in fact a type of social protection insurance, she said, adding that the money the insured will get allows them to start reconstructing the damaged good.
The law is currently on the Parliament’s table and it has already been adopted in the Senate. The lower house is expected to paper over it this fall. If it is adopted in the fall session, it will enter into force in mid-2009, Toncescu said.
The bill was written with the approval of insurers operating on the home insurance market, she added. It says that the maximum sum to be paid for home insurance is 20,000 euros for A class buildings, and 10,000 euros for the B class ones.
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