At the end of June, the Member States’ ambassadors to the EU (Coreper) endorsed a progress report on the work on the proposed ‘IRRD’ directive on the recovery and resolution of insurance and reinsurance undertakings (see EUROPE 12796/7, 12795/1).
According to the document obtained by EUROPE, as a follow-up to the work undertaken “under the Slovenian Presidency, the French Presidency of the Council of the European Union has drawn up the work programme of the working group on financial services and banking union (insurance)”. The French Presidency “discussed, in six meetings, the technical elements considered essential to create a sound framework for insurance undertakings”, the document says.
As a result, the French Presidency was able to launch discussions on the drafting of amendments to the legislative proposal in the first half of 2022. It is now up to the Czech Presidency of the Council of the European Union to continue the discussions.
The European Parliament, for its part, has already begun its work under the leadership of Markus Ferber (see EUROPE 12936/19) and has yet to adopt a negotiating position.
To read the EU Council’s progress report on the IRRD: https://aeur.eu/f/2gz (Original version in French by Anne Damiani)