Date(s) - 12 July 2023
Dear Members, Dear insurance lawyers,
The Insurance Recovery and Resolution Directive (IRRD) is expected to be voted by the European Parliament later this year. IRRD looks a lot like the Banking Recovery and Resolution Directive (BRRD) which is currently applicable for banks, but has been tailored to the insurance sector. The objective of the IRRD is to establish a harmonised EU legislative framework for the recovery and resolution of (re)insurers and the groups they belong to ensure better protection of policyholders in case an entity is failing or likely to fail, while minimising the impact on the economy, the financial system and any recourse to taxpayer’s money.
The IRRD will significantly reshape the current recovery and resolution framework applicable to (re)insurers notably by amending Solvency II, by in particular through (i) preparatory measures and (ii) resolution measures. These obligations will apply at individual level to all (re)insurance companies and at group level – in the latter case, specific measures will apply at the level of parent undertakings established in the EU.
We will walk you through the IRRD, explaining its impact on the (re)insurance industry and how to best comply with these new obligations, also drawing from experience acquired under the BRRD.
Date : Wednesday 12 July 2023, from 12h15 to 13h15, followed by a light lunch
Venue : Allen & Overy Offices “Infinity Building” 5a, Av. J-F Kennedy, L-1855 Luxembourg (Kirchberg)
Parking Place de l’Europe (in front of the Philharmonie – please see attached)
Speakers : Ms Helena FINN, Counsel, Allen & Overy, Mr Baptiste AUBRY, Counsel, Allen & Overy