critical functions
Defined in Article 2, Directive (EU) 2025/1 (IRRD)
Definitions over time (1)
-
For the purposes of this Directive, the following definitions apply:
‘critical functions’ means activities, services or operations performed by an insurance or reinsurance undertaking for third parties that cannot be substituted within a reasonable time or at a reasonable cost, and where the inability of the insurance or reinsurance undertaking to perform the activities, services or operations would be likely to have a significant impact on the financial system or the real economy in one or more Member States including, in particular, the impact resulting from effects on the social welfare of a large number of policy holders, beneficiaries or injured parties or from a systemic disruption or a loss of general confidence in the provision of insurance services;
Used in (24 places in 18 provisions on 12/11/2026)
Directive (EU) 2025/1 (IRRD) (24 in 18)
Recital 32 · Recital 7 · Recital 8 · Recital 17 · Recital 23 · Recital 35 · Recital 52 · Recital 57 · Recital 87 · Article 2 · Article 93 · Article 10 · Article 13 · Article 14 · Article 15 · Article 182 · Article 35 · Annex 13