The new EU Insurance Recovery and Resolution Directive
26 October 2021
The new EU recovery and resolution directive (IRRD) will create a harmonised recovery and resolution planning framework for EU insurance and reinsurance companies and groups. It will give new resolution authorities powers to resolve insurance and reinsurance companies and their holding companies where they are failing or likely to fail, as an alternative to normal insolvency proceedings.
IRRD will also require insurance and reinsurance companies and their holding companies to include new bail-in and resolution stay recognition clauses in many contracts governed by the law of a non-EU state.