QIS 5 demonstrates EPIFP in Tier III for Solvency II not “economically consistent”

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The fifth quantitative impact study (QIS 5) for Solvency II clearly demonstrates that placing all expected profits included in future premiums (EPIFP) capital in Tier I is "not economically consistent", according to Carlos Montalvo, secretary-general of the European Insurance and Occupational Pensions Authority (Eiopa).

EPIFP occurs when premiums on existing (in-force) business that will be received in the future are booked upfront as capital in insurers' technical provisions. Any premiums

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