art_56__para_3

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

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.

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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.