Insurance Europe has published a set of key messages on the European Commission’s proposal for an Insurance Recovery and Resolution Directive (IRRD).
Insurance Europe does not consider there to be a need to develop an extensive recovery and resolution framework for insurers. Should such a framework nevertheless be adopted, it should be properly tailored to the insurance sector and take into consideration the specific characteristics of the EU’s different national markets.
The Commission’s proposal for an IRRD needs a number of significant changes to make it fit for purpose and to avoid subjecting European insurers and their policyholders to a greater and more costly unnecessary regulatory burden.
The key messages outline how the Commission’s IRRD proposal could be streamlined to deliver a pragmatic yet effective approach to resolution for Europe’s insurance industry.
The IRRD should:
The IRRD should not: