Press Release: Quantitative Impact Study results show insurance and reinsurance undertakings are well positioned to meet new Solvency II capital requirements

The European Insurance and Occupational Pensions Authority (EIOPA) has published the results of a Quantitative Impact Study. The European Commission welcomes those results which show that while technical refinements of certain matters are still needed, insurance and reinsurance undertakings are well positioned to meet the new Solvency II capital requirements. The Solvency II Directive to be implemented by 1 January 2013 sets the framework for the next generation of supervisory rules for insurance and reinsurance companies in the EU.

The rules of the Solvency II Directive need to be complemented by implementing measures, which will be adopted by the Commission this year. The Quantitative Impact Study (QIS5) was run by the EIOPA from August to November 2010 to ensure that the finalisation of the implementing measures is based on sound, empirical data. This is the fifth quantitative impact study conducted in the context of the elaboration of the new insurance and reinsurance framework.

ESO: Background information: European insurers expect to meet new rules http://www.europeansources.info/record/european-insurers-expect-to-meet-new-rules/

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