art_51__para_2

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

2. Member States shall ensure that resolution authorities have the power to suspend the termination rights of any party to a contract with a subsidiary undertaking of an undertaking under resolution where any of the following applies: the obligations under that contract are guaranteed or are otherwise supported by the undertaking under resolution; the termination rights under that contract are based solely on the insolvency or financial condition of the undertaking under resolution; in the case of a transfer power that has been or may be exercised in relation to the undertaking under resolution, either: all the assets and liabilities of the subsidiary undertaking relating to that contract have been or may be transferred to and assumed by the recipient; or the resolution authority provides in any other way adequate protection for such obligations. The suspension of the termination rights shall take effect from the publication of the notice in accordance with Article 65(3) until midnight in the Member State where the subsidiary undertaking of the undertaking under resolution is established on the business day following that publication.

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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.