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Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance) article 63 CELEX: 32025L0001 Notification requirements
1. Member States shall require the administrative, management or supervisory body of an entity as referred to in Article 1(1), points (a) to (e), to notify the supervisory authority where those bodies consider that the entity referred to in Article 1(1), points (a) to (e), is failing or likely to fail, within the meaning specified in Article 19(4). |
Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance) article 63 CELEX: 32025L0001 2. Supervisory authorities shall inform the resolution authorities concerned of: (a) any notifications received under paragraph 1 of this Article, under Article 136, Article 138(1) and Article 139(1) of Directive 2009/138/EC; (b) any actions the supervisory authority requires the entity referred to in Article 1(1), points (a) to (e), to take pursuant to the exercise of the powers it has under Article 15 or 16 of this Directive, and under Article 136a, Article 137, Article 138(3) and (5), Article 139(3), and Articles 140, 141 and 144 of Directive 2009/138/EC; (c) any extension of the recovery period pursuant to Article 138(4) of Directive 2009/138/EC. The supervisory authorities shall also provide the resolution authorities with a copy of the recovery plan that the entity referred to in Article 1(1), points (a) to (e), of this Directive has submitted pursuant to Article 138(2) of Directive 2009/138/EC, a copy of the finance scheme that the entity referred to in Article 1(1), points (a) to (e), of this Directive has submitted pursuant to Article 139(2) of Directive 2009/138/EC and the supervisory authorities’ opinion on those documents, as applicable. |
Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance) article 63 CELEX: 32025L0001 3. A supervisory authority or resolution authority that determines that the conditions referred to in Article 19(1), points (a) and (b), are met in relation to an entity referred to in Article 1(1), points (a) to (e), shall communicate that determination without delay to the following authorities, if different: (a) the resolution authority for that entity; (b) the supervisory authority for that entity; (c) the supervisory authority of any Member State where that entity carries out significant cross-border activities; (d) the resolution authority of any Member State where that entity carries out significant cross-border activities; (e) the insurance guarantee scheme to which that entity is affiliated, where applicable and where necessary to enable the functions of the insurance guarantee scheme to be discharged; (f) where applicable, the group-level resolution authority; (g) the competent ministry; (h) where applicable, the group supervisor; (i) the European Systemic Risk Board and the designated national macroprudential authority; (j) where the entity is part of a financial conglomerate, the relevant resolution authority designated in accordance with Article 3 of Directive 2014/59/EU and the relevant competent authority within the meaning of Directive 2013/36/EU of the European Parliament and of the Council and Regulation (EU) No 575/2013. |