+Article 19 1

Article 19 1

1.   Member States shall ensure that resolution authorities take a resolution action in relation to an insurance or reinsurance undertaking only where all of the following conditions are met:

(a)

the supervisory authority, after having consulted the resolution authority, or the resolution authority, after having consulted the supervisory authority, has determined that the insurance or reinsurance undertaking is failing or likely to fail;

(b)

there is no reasonable prospect that any alternative private sector measures or supervisory action, including preventive and corrective measures, would prevent the failure of the undertaking within a reasonable timeframe;

(c)

resolution action is necessary in the public interest.

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards