The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has announced its completion of the first phase of the fifth Solvency II Quantitative Impact Study (QIS5).
The purpose of the QIS is to assess the practicability, implications and possible impact of specified approaches to insurers’ capital setting under Solvency II. Between August and November 2010, CEIOPS cooperated with European National Supervisory Authorities to collect data from European insurance companies that will ultimately feed into the European Commission’s further development of new regulations and help to shape the final Solvency II landscape.
Almost 70% of all insurance and reinsurance companies under the scope of the Solvency II Directive participated in QIS5, up from 33% participation in QIS4 in 2008. Additionally, 165 insurance groups participated, up from 111 under QIS4.
“The results from QIS5 will provide valuable input to help refine the calibration of the Solvency Capital Requirement standard formula as well as the requirements for technical provisions and own funds in the level 2 implementing measures”, said Carlos Montalvo, General Secretary, CEIOPS.
CEIOPS is expected to publish its final report on QIS5 in March 2011.