art_76__para_3

3. Member States shall ensure that resolution authorities are, as a minimum, empowered to do the following: exercise the resolution powers in relation to the following: assets of a third-country insurance or reinsurance undertaking or parent undertaking that are located in their Member State or governed by the law of their Member State; rights or liabilities of a third-country insurance or reinsurance undertaking that are booked by the Union branch of a third-country undertaking in their Member State or governed by the law of their Member State, or where claims in relation to such rights and liabilities are enforceable in their Member State; perfect, including to require another person to take action to perfect, a transfer of shares or other instruments of ownership in a Union subsidiary undertaking established in that Member State; exercise the powers in Article 49, 50 or 51 in relation to the rights of any party to a contract with an entity referred to in paragraph 1 of this Article, where such powers are necessary in order to enforce third-country resolution proceedings; and render unenforceable any right to terminate or accelerate contracts, or affect the contractual rights, of entities referred to in paragraph 2 and of other group entities, where such a right arises from resolution action taken in respect of the third-country insurance or reinsurance undertaking, the parent undertaking of such entities, or other group entities, whether taken by the third-country resolution authority itself or otherwise pursuant to legal or regulatory requirements concerning resolution arrangements in that country, provided that the substantive obligations under the contract, including payment and delivery obligations, and provision of collateral, continue to be performed.

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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.