QIS 5 - Making political capital
With the fifth quantitative impact study looming, Ceiops has released its final advice for Solvency II’s level two implementation measures to howls of indignation from the industry. The SCR standard formula’s calibration risks driving a wedge between Ceiops and the EC, as the latter comes under pressure from its industry constituents.
“Just because something is proposed by Ceiops, the European Commission is not obliged to accept it. We will get the views of the stakeholders and make the decision.” The comments by Karel Van Hulle, head of insurance and pensions at the European Commission’s (EC) internal markets division, encapsulates the division faced by the European insurance industry as it gets ready for the fifth quantitative impact study (QIS 5).
While the EC is the driving force behind the directive, it is the Committee
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