The European Insurance and Occupational Pensions Authority (EIOPA) has launched six consultations to support implementation of the European Union’s Insurance Recovery and Resolution Directive (IRRD), proposing draft regulatory technical standards and guidelines on pre-emptive recovery planning, resolution planning and the assessment of insurers’ resolvability. The package covers minimum content requirements for pre-emptive recovery plans and for resolution plans, criteria for selecting which (re)insurers must prepare pre-emptive recovery plans and methods for calculating market shares to ensure at least 60% of the relevant market is covered, and criteria for identifying critical functions whose disruption could have severe impacts on policyholders, beneficiaries and the wider economy, including financial stability. It also proposes guidelines on assessing resolvability, including the feasibility and credibility of resolution strategies, and sets out alternative measures resolution authorities may use to address or remove impediments to resolvability for in-scope insurance and reinsurance undertakings and groups. EIOPA positions the consultations as key building blocks for the IRRD’s practical implementation, ahead of the Directive becoming operational in 2027.
European Insurance and Occupational Pensions Authority 2025-04-29
European Insurance and Occupational Pensions Authority launches six consultations on implementing the EU Insurance Recovery and Resolution Directive
The European Insurance and Occupational Pensions Authority (EIOPA) has initiated six consultations to implement the EU’s Insurance Recovery and Resolution Directive (IRRD). The consultations propose draft regulatory technical standards and guidelines on recovery and resolution planning, insurer resolvability assessment, and criteria for identifying critical functions. These efforts are essential for the IRRD's practical application, set to become operational in 2027.