EC snubs Ceiops on QIS5 specifications

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The European Commission has departed from Ceiops recommendations in its draft technical specifications for the fifth quantitative impact study (QIS5) for Solvency II by including measures such as increasing the diversification benefit across business lines, a liquidity premium within the risk-free term structure and more liberal rules for Tier I capital.

Such moves represent a widespread concession to industry pressure by the Commission, particularly with respect to liquidity premiums. This

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