Between August and November CEIOPS cooperated with European National Supervisory Authorities to collect data from European insurance companies that will ultimately feed in to the Commission’s further development of the new regulations and help to shape the final Solvency II landscape.
Participation of insurers in the exercise increased, compared to the fourth Quantitative Impact Study that was conducted in 2008. Almost 70% of all insurance and reinsurance companies under the scope of the Solvency II directive, which represents a significant market share, participated in QIS5, up from 33%, who participated in QIS4. Additionally, 165 insurance groups participated, up from 111 under QIS4.
“Broad participation of the industry is a key factor to ensure that current options tested under QIS5 are properly taken forward,” said Carlos Montalvo, General Secretary, CEIOPS. “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.”
Currently, the respective National Supervisory Authority is evaluating and analysing the data provided by insurers. Early January 2011 CEIOPS, in coordination with the National Supervisors, will run a European quantitative and qualitative analysis based on the collected data, which will lead to the final conclusions to the European Commission. The final report is expected to be published in March 2011. The results from QIS5 will be discussed in detail with the Member States, as well as other stakeholders.
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