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.
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