The European Insurance and Occupational Pensions Authority (EIOPA) today launched two consultations related to the implementation of the European Union’s Insurance Recovery and Resolution Directive (IRRD). The first consultation covers draft technical standards on the establishment and functioning of resolution colleges, which will coordinate and carry out tasks related to the resolution of insurance groups. The second focuses on standards specifying the procedures and the minimum set of standardized forms and templates that insurers must submit to resolution authorities for the preparation of resolution plans.
The IRRD, which is set to become operational in 2027, introduces a recovery and resolution framework tailor-made for (re)insurers in Europe. The Directive puts the focus on the importance of pre-emptive planning and effective crisis management and aims at maintaining the stability of Europe’s insurance sector while also allowing for the orderly wind-down of failing undertakings and groups. The IRRD will make insurance failures less likely and limit the impact of failures when they do happen, making the management of insurance failures more effective and cost-efficient. The consultations launched concern important elements of this framework.
On the functioning of Resolution Colleges
The draft Regulatory Technical Standards (RTS) on the functioning of resolution colleges set the criteria for establishing these colleges and define their ways of operation. The RTS include provisions on how the colleges should collaborate in developing resolution plans, assessing the resolvability of groups and addressing substantive impediments to resolvability where relevant. They also outline governance principles to be followed in group-level resolutions.
On procedures and templates for the provision of information for resolution plans
These draft Implementing Technical Standards (ITS) set out the procedures and the minimum set of standard forms and templates that insurers should use when submitting to resolution authorities the information required for the preparation of resolution plans. The proposals were prepared taking into account existing procedures for regular Solvency II reporting as well as the experience of national supervisors in resolution-related reporting. They aim to strike a balance between the information needs of resolution authorities and the reporting burden on insurers by only requesting information that is strictly necessary for suitable and effective resolution planning and not already available elsewhere.
Consultation process
EIOPA invites stakeholders to provide their feedback on the Consultation Papers by responding to the questions via the respective online survey no later than 31 October 2025. All responses will be published on EIOPA’s website unless otherwise requested.
Background
For more information on the IRRD – its objectives, key elements and the expected implementation timeline – visit the dedicated section of our website.