Dear Members, Dear insurance lawyers,
The Insurance Recovery and Resolution Directive (IRRD) is expected to be voted by the European Parliament later this year. IRRD looks a lot like the Banking Recovery and Resolution Directive (BRRD) which is currently applicable for banks, but has been tailored to the insurance sector. The objective of the IRRD is to establish a harmonised EU legislative framework for the recovery and resolution of (re)insurers and the groups they belong to ensure better protection of policyholders in case an entity is failing or likely to fail, while minimising the impact on the economy, the financial system and any recourse to taxpayer’s money.
The IRRD will significantly reshape the current recovery and resolution framework applicable to (re)insurers notably by amending Solvency II, by in particular through (i) preparatory measures and (ii) resolution measures. These obligations will apply at individual level to all (re)insurance companies and at group level - in the latter case, specific measures will apply at the level of parent undertakings established in the EU.
We walked you through the IRRD, explaining its impact on the (re)insurance industry and how to best comply with these new obligations, also drawing from experience acquired under the BRRD.
Date : Wednesday 12 July 2023, from 12h15 to 13h15, followed by a light lunch
Venue : Allen & Overy Offices “Infinity Building” 5a, Av. J-F Kennedy, L-1855 Luxembourg (Kirchberg)
Parking Place de l’Europe (in front of the Philharmonie – please see attached)
Speakers : Ms Helena FINN, Counsel, Allen & Overy
Mr Baptiste AUBRY, Counsel, Allen & Overy
Language: The session was held in English.
Members only: The event was free of charge but reserved for ALJB (including AIDA) members.
Certificate of attendance: Participants who registered online and signed the register on premises received a certificate of attendance.
Pictures: During the event, pictures may be taken and published on ALJB and AIDA websites as well as on social media.
Slides: Please find attached the slides of the presentation.