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ARTICLE · 27 JULY 2021

Recovery Planning For Insurers: Some Practical Considerations

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Solvency II was the most significant reform that the insurance sector has experienced in many years and while one of the benefits of Solvency II has been the strengthening and increased resilience of insurers,...

IrelandInsurance
RDJ LLP
RDJ LLP
Graham Delaney
Graham Delaney
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Recovery and Resolution

Solvency II was the most significant reform that the insurance sector has experienced in many years and while one of the benefits of Solvency II has been the strengthening and increased resilience of insurers, Solvency II was never intended as a zero-failure regime.

In recognising that bad insurers can fail, and must be allowed to fail, there has been an increasing focus on the importance of insurers developing plans which seek to provide for the recovery of those firms which get into difficulty.  The push to advance recovery and resolution initiatives gained momentum following the financial crisis where the failure of firms, particularly banks, exposed grave shortcomings in the financial services' supervisory frameworks.

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