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