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The CEA, the European insurance and reinsurance federation, has called for more work to be done on the Solvency II implementing measures.  It has also called for changes to the draft specifications for the fifth Quantitative Impact Study (QIS5).  The CEA’s director general, Michaela Koller, said: “Although we welcome the modifications that the European Commission has already made to the implementing measures and the QIS5 specifications, the proposed measures are still too conservative in many areas and much work remains to be done before they truly

Solvency II:  European Commission consults on QIS5

The European Commission has published for consultation draft technical specifications for the fifth Solvency II Quantitative Impact Study (QIS5), which will be run from August to November this year.

If you have any comments on the draft technical specifications, please let the Society’s Solvency II Committee know (info@actuaries.ie).

CEIOPS  has published a paper titled “Solvency II Calibration Paper”.  The paper provides background information to the technical analysis carried out by CEIOPS for the calibration of key parameters of the Solvency Capital Requirement (SCR) standard formula and the calculation of technical provisions for the purpose of Quantitative Impact Study 5 (QIS5).

CEIOPS (the Committee of European Insurance and Occupational Pensions Supervisors) has published guidance on the pre-application process for internal models.  The pre-application process facilitates dialogue between undertakings and supervisory authorities prior to the submission of a formal application for approval of an internal model.

CEIOPS has submitted to the European Commission the Task Force Report on the Liquidity Premium containing technical considerations regarding the application of a liquidity premium for the valuation of insurance liabilities, principles for extrapolation and considerations on the choice of the reference risk-free rat

CEIOPS  has published its third and final set of Advice on Solvency II Level 2 Implementing Measures following formal approval by CEIOPS Members, together with a

CEIOPS has published its Solvency II consultation paper on the Pre-Application Process for Internal Models.

CEIOPS Members have agreed to set up a specialized Task Force led by the CEIOPS Secretariat to deliver on the 5th Quantitative Impact Study (QIS 5), the final Quantitative Impact Study under Solvency II.

Following approval by its Members on 30 October 2009, CEIOPS has delivered its final advice on the vast majority of Solvency II Level 2 Implementing Measures together with a cover letter and a