Key Points

Quantitative Impact Studies

The European Commission has requested that CEIOPS investigate the quantitative impact of key changes to be implemented under the new Solvency II regime.  A variety of insurers and reinsurers were invited to take part in these tests and to feed back their results.  The findings and details of the tests are summarised in the pages below.

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QIS1

Conducted at the end of 2005 to acquire insight into possible effects of the new solvency regulations, specifically pillar 1 issues, QIS1 focuses on the level of prudence in current technical provisions and provides feedback from insurers and reinsurers on the feasibility of initial proposals for the standard model. More

QIS2

Building on the findings of QIS1, QIS2 investigates the effect on insurance undertakings of the possible restatement of the value of both assets and liabilities under the Solvency II framework, as well as some possible options for setting the capital requirement (MCR and SCR). More

QIS3

Building on the previous impact studies QIS3 took a detailed look at group and calibration issues. There was particular focus regarding the appropriate choice of calibrations and factors along with the implications solvency II will have on company wide strategic structural decisions. More

QIS4

The consultancy period for QIS 4 is now over, with CEIOPS expected to run the next impact study between April and July 2008. This study will focus on the use of full & partial internal models as well as further group issues to help CEIOPS properly measure the impact of the future regime on the industry.  More

Further Information

CEIOPS expects that further QIS will be necessary in order to refine the Solvency II legislation. QIS4 is currently underway, focusing on the use of internal models & group issues to help CEIOPS properly measure the impact of the future regime on the industry.