Romanian Parliament approves catastrophe program

BUCHAREST, Romania—After several years on the drawing board, Romania’s Parliament approved on Wednesday a compulsory catastrophe insurance program for homeowners. Romanian President Traian Basescu is expected to sign the legislation into law next week, according to Radu Popescu, counselor to the minister in Romania’s Ministry of Administration and Interior. Under the program, developed in cooperation with the World Bank in... [read full story]