Article 24

1. Member States shall ensure that the valuations referred to in Article 23 are carried out by any of the following: a person independent from any public authority and from the entity referred to in Article 1(1), points (a) to (e); the resolution authority, where those valuations cannot be carried out by a person as referred to in point (a). 2. The valuations referred to in Article 23 shall be considered definitive where they have been carried out by the person referred to in paragraph 1, point (a), of this Article and all the requirements laid down in paragraphs 3 to 5 of this Article are fulfilled. 3. Without prejudice to the Union State aid framework, a definitive valuation shall be based on prudent assumptions and shall not assume any potential provision of extraordinary public financial support from the point in time at which resolution action is taken. 4. A definitive valuation shall be supplemented by the following information held by the entity referred to in Article 1(1), points (a) to (e): an updated financial statement and an updated economic valuation, in accordance with Directive 2009/138/EC, of the entity; a report on the financial position of the entity, including, where relevant, an evaluation by an independent actuarial function of the entity’s technical provisions referred to in Title I, Chapter VI, Section 2, of Directive 2009/138/EC; any additional information on the market and accounting values of the assets, technical provisions referred to in Title I, Chapter VI, Section 2, of Directive 2009/138/EC, and other liabilities of the entity. 5. A definitive valuation shall indicate the subdivision of the creditors in classes in accordance with their priority levels under the applicable insolvency law. The definitive valuation shall also contain an estimate of the treatment that each class of shareholders and creditors would have been expected to receive if the entity concerned were wound up under normal insolvency proceedings. The estimate referred to in the first subparagraph shall not prejudice the valuation referred to in Article 56. 6. EIOPA shall develop draft regulatory technical standards to specify: the circumstances in which a person is deemed to be independent from both the resolution authority and the entity referred to in Article 1(1), points (a) to (e), for the purposes of paragraph 1 of this Article; the methodologies for assessing the value of the assets and liabilities of the insurance or reinsurance undertaking in the context of resolution; the separation of the valuations under Articles 23 and 56 of this Directive. EIOPA shall submit those draft regulatory technical standards to the Commission by 29 July 2027. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.