art_34__para_1

Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance) · European Union

1. By way of derogation from Articles 32 and 33, Member States may provide that an appropriate insurance guarantee scheme is assigned with the duties and rights of a bridge undertaking. While ensuring the interests of policy holders, continuity of insurance relationships and settlement of claims, and ensuring that the objectives of this Directive are still adequately met, Member States may provide for a transfer, to such insurance guarantee scheme, of: shares or other instruments of ownership issued by one or more undertakings under resolution; or all or any assets, rights or liabilities of one or more undertakings under resolution. Resolution authorities shall ensure that the total value of liabilities transferred to the insurance guarantee scheme does not exceed the total value of the rights and assets transferred from the undertaking under resolution.

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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.