Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November…

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)

directive · European Union · 32025L0001

1373 provisions in 1508 nodes · 171 provisions hand work to national law

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Table

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)

Article 1 Subject matter and scope

Article 2 Definitions

Article 3 Designation of resolution authorities and competent ministries

Article 4 Simplified obligations for certain undertakings

Article 5 Pre-emptive recovery plans

Article 6 Review and assessment by supervisory authorities of pre-emptive recovery plans

Article 7 Group pre-emptive recovery plans

Article 8 Review and assessment by the group supervisor of group pre-emptive recovery plans

Article 9 Resolution plans

Article 10 Group resolution plans

Article 11 Requirements and procedure for group resolution plans

Article 12 Information for the purposes of resolution plans and cooperation of the insurance or reinsurance undertaking

Article 13 Assessment of resolvability

Article 14 Assessment of resolvability for groups

Article 15 Power to address or remove impediments to resolvability

Article 16 Power to address or remove impediments to resolvability: group treatment

Subparagraph

Article 17 Joint decisions

Article 18 Resolution objectives

Article 19 Conditions for resolution

Article 20 Conditions for resolution with regard to parent undertakings and holding companies

Article 21 Proceedings in respect of undertakings that are not subject to resolution action

Subparagraph

Article 22 General principles governing resolution

Article 23 Valuation for the purposes of resolution

Article 24 Requirements for valuation

Article 25 Provisional and definitive valuations

Article 26 General principles on resolution tools

Article 27 The solvent run-off tool

Article 28 Principles for the application of the asset and liability separation tool, the sale-of-business tool and the bridge undertaking tool

Article 29 Procedural requirements regarding sales of business, assets, rights or liabilities in resolution

Article 30 The asset and liability separation tool

Article 31 The sale-of-business tool

Article 32 Bridge undertaking tool

Article 33 Operation of a bridge undertaking

Article 34 Transfer to insurance guarantee schemes

Article 35 Objective and scope of the write-down or conversion tool

Article 36 Treatment of shareholders when applying the write-down or conversion tool

Article 37 Rate of conversion of debt to equity

Subparagraph

(a)

(b)

Article 38 Additional provisions governing the write-down or conversion tool

Article 39 Effect of write-down or conversion

Article 40 Write-down or conversion of liabilities arising from derivatives

Article 41 Removal of procedural obstacles for write-down or conversion

Subparagraph

Article 42 General powers

Article 43 Ancillary powers

Article 44 Special management

Subparagraph

Article 45 Powers concerning the provision of operational services and facilities

Article 46 Power to enforce crisis management measures by other Member States

Article 47 Power in respect of assets, rights, liabilities, shares and other instruments of ownership located in or governed by the law of third countries

Article 48 Exclusion of certain contractual terms

Article 49 Power to suspend certain obligations

Article 50 Power to restrict the enforcement of security interests

Article 51 Power to temporarily suspend termination rights

Article 52 Contractual recognition of resolution stay powers

Article 53 Power to temporarily suspend redemption rights

Subparagraph

Article 54 Exercise of the resolution powers

Article 55 Treatment of shareholders, policy holders, beneficiaries, claimants and other creditors in the case of partial transfers and application of the write-down or conversion tool

Subparagraph

Article 56 Valuation of difference in treatment

Article 57 Safeguard for shareholders, policy holders, beneficiaries, claimants or other creditors

Subparagraph

Article 58 Safeguard for counterparties in partial transfers

Article 59 Protection for title transfer financial collateral arrangements, set-off arrangements, netting arrangements and reinsurance agreements

Subparagraph

Article 60 Protection for security arrangements

Article 61 Protection for structured finance arrangements and other ring-fenced portfolios

Article 62 Partial transfers: protection of trading, clearing and settlement systems

Article 63 Notification requirements

Article 64 Decision of the resolution authority

Subparagraph

Article 65 Procedural obligations of resolution authorities

Article 66 Confidentiality

Article 67 Ex ante judicial approval and rights to challenge decisions

Article 68 Restrictions on other proceedings

Article 69 General principles regarding decision-making involving more than one Member State

Article 70 Resolution colleges

Article 71 European resolution colleges

Subparagraph

Article 72 Information exchange

Subparagraph

Article 73 Group resolution involving a subsidiary undertaking of the group

Article 74 Group resolution involving an ultimate parent undertaking

Article 75 Agreements with third countries

Subparagraph

Article 76 Recognition and enforcement of third-country resolution proceedings

Article 77 Right to refuse recognition or enforcement of third-country resolution proceedings

Article 78 Resolution of Union branches of third-country undertakings

Article 79 Cooperation with third-country authorities

Article 80 Exchange of confidential information

Article 81 Financing arrangements

Subparagraph

Article 82 Administrative penalties and other administrative measures

Article 83 Specific provisions on administrative penalties and other administrative measures

Article 84 Publication of administrative penalties and other administrative measures

Article 85 Maintenance of central database by EIOPA

Article 86 Effective application of penalties and exercise of powers to impose penalties by supervisory authorities and resolution authorities

Article 87 Amendments to Directive 2002/47/EC

Subparagraph

(1)

(2)

Article 88 Amendment to Directive 2004/25/EC

Subparagraph

Article 89 Amendments to Directive 2007/36/EC

Subparagraph

Article 90 Amendments to Directive 2014/59/EU

Article 91 Amendment to Directive (EU) 2017/1132

Article 92 Amendment to Regulation (EU) No 1094/2010

Subparagraph

(1)

‘(i)

Article 93 Amendment to Regulation (EU) No 648/2012

Subparagraph

‘(s)

Article 94 Amendment to Regulation (EU) No 806/2014

Subparagraph

Article 95 Amendment to Regulation (EU) 2017/1129

Subparagraph

‘(c)

Subparagraph

Article 96 EIOPA Resolution Committee

Subparagraph

Article 97 Cooperation with EIOPA

Subparagraph

Article 98 Insurance guarantee schemes

Article 100 Transposition

Subparagraph

Article 101 Entry into force and application

Subparagraph

Article 102 Addressees

Subparagraph

Note

ANNEX

Resolvability dimensions