Ceiops announces preliminary QIS4 results
Ceiops has presented the initial results of its fourth quantitative impact study
FRANKFURT – As the European Union timetable for Solvency II rumbles on, the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) has announced to stakeholders the preliminary findings of its fourth quantitative impact study (QIS4). Last month, the UK Financial Services Authority strongly urged insurance firms to participate in QIS4 – Ceiops’ latest look at the capital requirements and risk management implications of Solvency II.
Ceiops has found the need for further refinement of some specific Level 2 issues, but the insurance industry broadly supports the implementation of Solvency II’s risk-based supervisory framework.
Balance sheets will remain fundamentally unchanged but be characterised by a reduction in the amount of insurance liabilities compared to an increase in eligible capital.
Ceiops also says QIS4 testing shows most participants will meet the planned directive’s minimum capital and solvency requirements. The final report will be reported at the annual Ceiops conference on November 19.
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