Article 56

1. For the purpose of assessing whether shareholders, policy holders, beneficiaries, claimants and other creditors would have received better treatment if the undertaking under resolution had entered into normal insolvency proceedings, Member States shall ensure that an independent person carries out a valuation as soon as possible after the resolution action or actions have been effected. That valuation shall be distinct from the valuation carried out under Article 23. 2. The valuation referred to in paragraph 1 shall determine: the treatment that shareholders, policy holders, beneficiaries, claimants, other creditors or the relevant insurance guarantee schemes would have received if the undertaking under resolution with respect to which the resolution action or actions have been effected had entered normal insolvency proceedings at the time when the decision referred to in Article 64 was taken; the actual treatment that shareholders, policy holders, beneficiaries, claimants and other creditors have received in the resolution of the undertaking under resolution; whether there is any difference between the treatment referred to in point (a) and the treatment referred to in point (b). 3. The valuation shall: assume that the undertaking under resolution with respect to which the resolution action or actions have been effected would have entered normal insolvency proceedings at the time when the decision referred to in Article 64 was taken; assume that the resolution action or actions had not been effected; take into account a commercially reasonable estimate of the replacement costs, including brokerage and closing fees, of already purchased policies for appropriate cohorts of policy holders at the time when the decision referred to in Article 64 was taken; disregard any provision of extraordinary public financial support to the undertaking under resolution. 4. EIOPA shall develop draft regulatory technical standards to specify the methodology for carrying out the valuation referred to in this Article, in particular the methodology for assessing the treatment that shareholders, policy holders, beneficiaries, claimants and other creditors would have received if the undertaking under resolution had entered insolvency proceedings at the time when the decision referred to in Article 64 was taken and the methodology for the estimation of the replacement costs. 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.