Solvency II – QIS 5 Workshops
The Society of Actuaries in Ireland and the Financial Regulator are currently organising a series of workshops in September on QIS 5 (Quantitative Impact Study 5). The workshops will be led by members of the Financial Regulator and will provide an opportunity to discuss and clarify the technical requirements of QIS 5.
The Quantitative Impact Studies are used by CEIOPS to assess the financial impact and appropriateness of the Solvency II Directive requirements. The Financial Regulator expects all insurance undertakings/groups to participate in QIS5.
QIS 5 technical specification
CEIOPS are currently developing spreadsheets that will be used to make the QIS 5 submissions. They expect to have user-tested final versions available this month.
Scope of the workshops
The main aim of the workshops is to provide detailed technical assistance to aid companies in understanding the requirements of QIS 5 and completing the associated spreadsheets. The workshops are aimed at all professionals involved in completing QIS 5. They will try to address issues that firms have initially encountered and identified with the technical specification and spreadsheets.
The workshops are not intended to give a basic understanding of the QIS process. To benefit from the workshops, participants will need to already have a working knowledge of the process and spreadsheets.
Each workshop will take the form of a discussion, led by members of the Financial Regulator.
To maximise the effectiveness of the workshops and ensure that the Financial Regulator can provide a considered response to any queries, participants are asked to submit their queries in advance:
- If you are a member of the Society of Actuaries in Ireland, you may submit queries, and share them with other members, through the Society’s Discussion Forum (registration and login required). Alternatively, you may email the Society
- Other industry professionals may submit queries directly to the Financial Regulator at QIS5@centralbank.ie.
It is important to submit queries as early as possible in the process, to give the Financial Regulator time to consult with CEIOPS, if necessary.
Timing and Frequency
Eight workshops are scheduled to take place over the course of 8th, 9th, 13th and 14th September, at the Alexander Hotel, Dublin. Workshops are expected to last 2½-3 hours each and will focus on the areas of Life, Non-Life and Captive (Re)Insurance.
There is no charge for attendance but attendees must book in advance. Places are limited to 50 per workshop, and to 2 representatives per company (over all workshops, rather than per workshop). If you wish to attend, please check within your company that there are not already two representatives registered to attend, then reserve your place through the Society of Actuaries in Ireland website – a reservation facility will be posted to the Events section of the website shortly.
Further information, including documents published by CEIOPS in relation to QIS5, is available on the Financial Regulator’s website.