Consultation on the proposal for Guidelines on criteria for the identification of critical functions - IRRD
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Page for EIOPA's consultation on guidelines setting out how to identify insurers' critical functions under the Insurance Recovery and Resolution Directive (IRRD), whose disruption would harm policyholders, the real economy or financial stability. The consultation closed in July 2025 and EIOPA published its resolution of stakeholder comments in July 2026.
Key points
- Undertakings performing critical functions will have to draw up resolution plans
- Nine guidelines: scope, geographical level, guarantee schemes, transmission channels, social impact and substitutability
- Substitutability can also be assessed at regional level
Who is affected
(Re)insurers, national resolution authorities
Deadlines
Consultation closed on 31 July 2025; resolution of comments published on 3 July 2026
Plain-language version
A critical function is a service of an insurer whose collapse would hurt customers, the economy or the financial system. EIOPA, the EU watchdog for insurers and pension plans, consulted on how to identify them under the new EU insurer crisis law (IRRD). Insurers with such functions will need resolution plans. The consultation closed in July 2025.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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