05/11/24 (Agence Europe) – On Tuesday 5 November, the Council of the European Union adopted two legislative texts revising the ‘Solvency II’ Directive, the EU’s main piece of insurance legislation, and introducing new rules on insurance recovery and resolution (IRRD). The legislative package was launched in September 2021 by the European Commission (see EUROPE 12796/7). Negotiators from the European Parliament and the Spanish Presidency of the EU Council reached an agreement on the two directives in December 2023 (see EUROPE 13314/14). The agreement was subsequently approved at first reading by the European Parliament last April (see EUROPE 13397/11). The directives will shortly be published in the Official Journal of the EU, and the new rules will start to apply two years after they come into force. See the directive revising ‘Solvency II’: https://aeur.eu/f/e6z ; and the new IRRD directive: https://aeur.eu/f/e71 (BD)