Recital 13

(13)In order to ensure that recovery and resolution planning and actual resolution of insurance and reinsurance undertakings that are part of financial conglomerates or insurance groups that are themselves financial conglomerates or are parts of financial conglomerates can occur smoothly, and with the objective of reducing the administrative burden, information-sharing obligations between insurance and banking resolution and supervisory authorities should be established and the banking resolution authority should be granted the status of observer in the insurance resolution college for an insurance group that is, or is part of, a financial conglomerate in accordance with Directive 2002/87/EC of the European Parliament and of the Council ⁵ , and vice versa.