Solvency II and IRRD : Council and Parliament agree on new rules for the insurance sector

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rules for the insurance sector</title>
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<abstract displayLabel="Summary">The Council and the Parliament have reached a provisional agreement on amendments to the Solvency II directive, the EU's main piece of legislation in the insurance area and new rules on insurance recovery and resolution (IRRD). The new rules on Solvency II will boost the role of the insurance and reinsurance sector in providing long-term private sources of investments to European businesses. At the same time they will make the sector more resilient and prepared for future challenges in order to better protect insurance policyholders. With this dual role, the sector will contribute to the achievement of the Capital Markets Union, to the financing of the green and digital transitions and Europe's economic recovery form the COVID-19 pandemic. The  aim of the Insurance Recovery and Resolution Directive (IRRD)  is to ensure that insurers and relevant authorities in the EU are better prepared in cases of significant financial distress, so that they can intervene sufficiently early and quickly in a crisis situation, including across borders. This will protect insurance policyholders, while minimising the impact on the economy, the financial system and any recourse to taxpayers' money</abstract>
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