Consultation on the proposal for Guidelines to specify how information should be provided in summary or collective form for the purposes of Article 66(2) of the IRRD

Interested stakeholders.

These Guidelines establish the rules regarding the use of exemptions to professional secrecy for confidential information, notably for cases where disclosures are made in summary or in collective form without allowing the identification of individual entities.

The consultation is related to the implementation of the European Union’s Insurance Recovery and Resolution Directive (IRRD). 

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.