Article 53 Power to temporarily suspend redemption rights

1.   Member States shall ensure that resolution authorities have the power to temporarily restrict or suspend redemption rights of policy holders in relation to life insurance contracts written by the undertaking under resolution, provided that the substantive obligations under the contracts, and in particular payment obligations for the benefit of policy holders, beneficiaries or injured parties, continue to be performed.

2.   The power referred to in paragraph 1 shall be used only for as long as is necessary to facilitate the application of one or more resolution tools. That power shall be valid for the period specified in the notice of suspension published in accordance with Article 65(3).