CEIOPS will provide a complete draft of the QIS 5 technical specification by end of March 2010 to enable the Commission to publish final technical specifications by end of July 2010. Results will then be submitted to national supervisors by end of October 2010.
CEIOPS Members have agreed to set up a specialised Task Force to deliver on the 5th Quantitative Impact Study (QIS5), the Final Quantitative Impact Study under Solvency II.
The CEIOPS - QIS5 TF, which will be led by CEIOPS Secretariat, will be responsible for supporting all relevant Expert Groups in preparing and running the exercise according to the workplan agreed between CEIOPS and the European Commission.
The Task Force will aim to ensure the overall coordination of the exercise in close cooperation with the Solvency II expert groups. The Task Force will also seek to ensure that overlapping areas in the QIS5 exercise are dealt with in a consistent manner.
Background
The Commission’s letter of June 2009 to CEIOPS laid down certain deadlines on CEIOPS to deliver on its further contribution to the Impact Assessment of Solvency II Level 2 implementing measures.
In particular, CEIOPS is expected to provide a complete draft of the QIS 5 technical specification along with a comprehensive calibration paper by end of March 2010 to enable the Commission to publish final technical specifications by end of July 2010.
The Commission has also requested that the exercise be run between August and mid-November 2010. Solo results will need to be submitted to national supervisors by end of October 2010 while the deadline for group results is mid-November 2010.
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