Insurance Recovery & Resolution Directive (IRRD) - development of Technical Standards and Guidelines

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      <subfield code="a">The EU's co-legislators - the European Council and Parliament - reached a provisional agreement on the Insurance Recovery and Resolution Directive (IRRD) in December 2023. While the industry welcomes the improvements agreed by the co-legislators, Insurance Europe continues to question the need for such an extensive regulation given the existing regulations and safeguards that are in place. The next phase of the development of the IRRD is the preparation of 19 technical standards and guidelines. These instruments will include important information on fundamental aspects of the framework, such as the definition of critical functions and details of who will be in the scope of pre-emptive and resolution plans. The European Insurance and Occupational Pensions Authority (EIOPA) is empowered to prepare and submit the technical standards to the EC and issue the guidelines on specific topics within given timeframes. Insurance Europe looks forward to engaging with EIOPA and the EC on the development of these texts. However, at this stage, there is a lack of clarity in the process foreseen by the co-legislators and the Commission to finalise these instruments and to implement the IRRD in national jurisdictions</subfield>
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      <subfield code="u">https://www.insuranceeurope.eu/mediaitem/5d4c2685-55c5-45e8-899f-bfce8da9ec2d/Insurance%20Recovery%20&%20Resolution%20Directive%20(IRRD)%20%E2%80%94%20development%20of%20Technical%20Standards%20and%20Guidelines.pdf</subfield>
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