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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 21 CELEX: 32025L0001 Proceedings in respect of undertakings that are not subject to resolution action
Member States shall ensure that insurance or reinsurance undertakings that meet the conditions laid down in Article 19(1), points (a) and (b), but not the condition laid down in Article 19(1), point (c), are made subject to winding-up proceedings as defined in Article 268(1), point (d), of Directive 2009/138/EC, or other proceedings under national law opened and monitored by the competent authorities as defined in Article 268(1), point (a), of Directive 2009/138/EC, ensuring an orderly exit from the market. |