Adoption of the first preventive resolution plans for insurance undertakings

Preventive resolution plans are drafted in advance of any crisis. In the event of an insurance undertaking failure (or of several undertakings within an insurance group), the plans should make it possible to determine which measures would be necessary to achieve the resolution objectives. In particular, they should identify any critical functions performed by the insurance undertaking and the preferred resolution strategy. If critical functions are identified, the preferred resolution strategy should ensure their preservation by using the instruments provided for by the regulations. In the absence of critical functions, this strategy would be the liquidation of failing undertakings.