Press Release: European Commission urges insurance companies to participate in the Solvency II Quantitative Impact Study (QIS5)

The Solvency II Directive, adopted by the European Parliament and the Council in 2009 and to be implemented by 1 January 2013, has set the framework for the next generation of supervisory rules for insurance and reinsurance companies in the EU. As the rules of the Solvency II Directive are to be complemented by so-called “level 2” implementing measures, which will be adopted by the Commission, sound and extensive empirical data for quantitative solvency requirements are needed.

For this reason, the Commission has launched a fifth Quantitative Impact Study (QIS5) that will be run by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) from August to November 2010. The European Commission strongly encourages insurance and reinsurance companies across the EU to participate in this exercise.