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Assessment of the EU proposal for resolution of insurance companies – should the IRRD be a copy of the BRRD?
Abstract
The need to introduce regulations on resolution of financial institutions was one of the major lessons learnt from the global f inancial crisis. As a part of regulatory reform, the applicable solutions have already been adopted in the European Union, establishing legal framework for resolution for the banking sector and CCPs. The next group of institutions which are expected to be covered by these regulations are insurance companies. Published in 2021, the draft IRRD is largely based on BRRD however, the insurance business differs significantly from the banking activity. This specificity needs to be taken into account in the resolution regulations for insurers. This article indicates the essential issues, which need to be considered in resolution for insurance companies and critically analyzes the main building blocks of the proposed IRRD. The key issues discussed in the article are resolution objectives and triggers, resolution tools, as well as the
Keywords:
insurance, insurers, resolution, crisis management, financial stabilityJEL Codes
G22, G28, H12, L51Most read articles by the same author(s)
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