Written by Issam Hallak (1st edition).
In 2020, the Commission launched a review of the Solvency II Directive, the EU’s legal prudential regulatory framework for (re-)insurance companies, which entered into force in 2016. As one output of the review, the Commission made a proposal in September 2021 for a new directive establishing a framework for recovery and resolution of insurance companies – the ‘IRRD proposal’.
The IRRD proposal would establish harmonised recovery and resolution tools and procedures, with enhanced cross-border cooperation between national authorities. The proposal adopts the ‘pre‑emptive’ approach whereby insurance companies must submit plans to the supervisory authorities, which would be given powers to implement resolutions. The proposal also sets out a range of tools for resolutions.
- December 2022: Insurance recovery and resolution directive (1st edition)
|Regulation amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institution groups with a multiple point of entry resolution strategy and a methodology for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities|
|Committee responsible:||Economic and Monetary Policy (ECON)||COM(2021)582|
|Rapporteur:||Markus Ferber (EPP, Germany)||2021/0296(COD)|
|Shadow rapporteurs:||Aurore Lalucq (S&D, France),|
Stéphanie Yon-Courtin (Renew, France), Henrike Hahn (Greens/EFA, Germany),
Marco Zanni (ID, Italy),
Johan van Overtveldt (ECR, Belgium),
Chris MacManus (The Left, Ireland)
|Ordinary legislative procedure (COD)|
(Parliament and Council on equal footing
– formerly ‘co-decision’)
|Next steps expected: Committee vote on draft report|
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