On the 8th January 2025, the directive establishing a framework for the recovery and resolution of insurance and reinsurance undertakings, better known as the Insurance Recovery and Resolution Directive or IRRD, and the amendments to the Solvency II Directive were officially adopted and published as law in the Official Journal of the European Union. Both directives, being the first two directives of 2025, are expected to have an effect on the European insurance market as a whole and will enter into force on the twentieth day following the date of their publication, therefore on the 28th January 2025.
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