21/12/2022 (Agence Europe) – On Tuesday 20 December, the Council of the European Union adopted its position on establishing a framework for the recovery and resolution of insurance and reinsurance companies (IRRD). In the text, it grants an observer role to the bank resolution authority or the insurance resolution authority in the resolution colleges, in order to be informed and consulted early enough in the process and in a structured way. The idea is to enable it to exercise its mandate in an informed and consistent manner, in particular in the context of preventive reorganisation planning, as well as in assessing compliance with the conditions of resolution. The Council considers that “the Commission should review the relevant provisions of this Directive 5 years after its entry into force”. To read the Council’s position: https://aeur.eu/f/4r4 (AD)