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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 83 CELEX: 32025L0001 Specific provisions on administrative penalties and other administrative measures
1. Member States shall ensure that their laws, regulations and administrative provisions provide for administrative penalties and other administrative measures at least in respect of the following situations: (a) an infringement of Articles 5 or 7 by failing to draw up, maintain and update pre-emptive recovery plans and group pre-emptive recovery plans; (b) an infringement of Article 12 by failing to provide all the information necessary for the development of resolution plans; (c) an infringement of Article 63(1) by the failure of the administrative, management or supervisory body of an entity referred to in Article 1(1), points (a) to (e), to notify the supervisory authority when that entity is failing or likely to fail. |
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 83 CELEX: 32025L0001 2. Member States shall ensure that, in the cases referred to in paragraph 1, the administrative penalties and other administrative measures that can be applied include at least the following: (a) a public statement indicating the natural person, the entity as referred to in Article 1(1), points (a) to (e), an ultimate parent undertaking or other legal person responsible for the infringement and the nature of the infringement; (b) an order requiring the natural or legal person responsible to cease the conduct and to desist from a repetition of that conduct; (c) a temporary ban on any member of the administrative, management or supervisory body or senior management of the entity referred to in Article 1(1), points (a) to (e), or any other natural person, who is held responsible, to exercise functions in an entity referred to in Article 1(1), points (a) to (e); (d) in the case of a legal person, administrative fines of up to 10 % of the total annual turnover of that legal person in the preceding business year; (e) in the case of a natural person, administrative fines of up to EUR 5 000 000, or in the Member States where the Euro is not the official currency, the corresponding value in the national currency on 28 January 2025; (f) administrative fines of up to twice the amount of the benefit derived from the infringement where that benefit can be determined. For the purposes of the first subparagraph, point (d), where the legal person is a subsidiary undertaking of a parent undertaking, the relevant turnover shall be the total annual turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year. |