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ARTICLE · 17 JANUARY 2025

IRRD Published In The Official Journal Of The EU

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The Insurance Recovery and Resolution Directive ("IRRD") has now been published in the Official Journal of the EU. Modelled on the well-established Bank Recovery and Resolution Directive...

IrelandInsurance
Darren Maher
Darren Maher
Gráinne Callanan
Gráinne Callanan
Elaine Long
Elaine Long
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The Insurance Recovery and Resolution Directive ("IRRD") has now been published in the Official Journal of the EU. Modelled on the well-established Bank Recovery and Resolution Directive, which was established more than 10 years ago for the banking sector, the IRRD introduces a new regulatory framework the aim of which is to strengthen the stability and resilience of insurance sector in the EU. The IRRD sets uniform standards for recovery and resolution planning and it seeks to ensure a consistent approach across all Member States with the underlying aim to safeguard policyholder interests while also maintaining financial stability.

Preamble

The preamble to the IRRD recognises that although the Solvency II Directive was aimed at strengthening the financial system in the EU and the resilience of insurance and reinsurance undertakings, it did not completely eliminate the possibility of failures of such insurance and reinsurance undertakings. Building on the

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