EIOPA launches consultation on IRRD draft technical standards covering the valuation of (re)insurers in the context of resolution

The European Insurance and Occupational Pensions Authority (EIOPA) has launched two consultations today on policy instruments related to the implementation of the European Union's Insurance Recovery and Resolution Directive (IRRD). Responding to the Directive's requirements for EIOPA, today's consultation papers propose draft technical standards covering the valuation of (re)insurers and groups for the purposes of resolution.

The IRRD, which is set to become operational in January 2027, introduces a recovery and resolution framework tailor-made for (re)insurers in Europe. The Directive puts the focus on the importance of pre-emptive planning and effective crisis management and aims at maintaining the stability of Europe's insurance sector while also allowing for the orderly wind-down of failing undertakings and groups. The IRRD will make insurance failures less likely and limit the impact of failures when they do happen, making the management of insurance failures more effective and cost-efficient.

Today's consultations focus on the valuation of insurance or reinsurance undertakings and groups for the purposes of resolution, covering the four separate mandates set out in the IRRD in two draft regulatory technical standards (RTS). The split between the two instruments is based on the sequence of the three different valuations required in the IRRD.

Draft RTS on valuation 1 and 2

The draft RTS provide methodologies for assessing the value of the assets and liabilities of undertakings in the context of resolution and the methodology for calculating the buffer for additional losses to be included in provisional valuations.

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Draft RTS on valuation 3

The draft RTS put forward methodologies for carrying out a valuation as soon as possible after the resolution action(s) have been taken to assess whether shareholders, policyholders, beneficiaries, claimants and other creditors would have received better treatment had the undertaking under resolution entered normal insolvency proceedings.

Go to the Consultation

Responding to the Consultation

EIOPA invites stakeholders to provide their feedback on the consultation papers by responding to the questions via the online surveys no later than 20 October 2026. All responses will be published on EIOPA's website unless otherwise requested.

Notes

These two consultations are EIOPA's final ones related to the 19 policy instruments supporting the implementation of the IRRD. They follow three previous consultations on other aspects of the framework (see here, here and here) and the publication of 15 policy instruments finalised by EIOPA (see here, here and here).