Insurance Europe urges to ‘stop the clock’ on IRRD: why a pause is necessary
Proportionate recovery and resolution regimes for European insurers If Europe is to restore and strengthen European competitiveness, administrative burdens from regulation must be reduced. The European Commission has set out a vision for an implementation and simplification agenda that delivers fast and visible improvements for people and business on the ground. The Commission has announced that they will address overlapping, unnecessary or disproportionate rules that are creating unnecessary burdens for EU businesses through “Omnibus” packages.
The Insurance Recovery and Resolution Directive (IRRD) is a good example of such rules as it goes well beyond international requirements for recovery and resolution: e.g. FSB Key Attributes for Resolution. Other jurisdictions have more proportionate requirements for insurers, meaning IRRD is creating unnecessary burdens and a competitive disadvantage for EU insurers.
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