art_56__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. 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).

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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.