The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) issued the report of the Preparatory Field Study (PFS) conducted to get insight into the industry best practice available now. It appeared that life insurance companies are relatively well equipped to value liabilities in a more risk oriented way, albeit that differences were observed in the methods for determining key factors such as future bonuses, risk margins, and values of embedded options. The transition from current to market consistent valuation may generally lead to a slight reduction of liabilities, pointing though to a large dispersion between countries and companies. The study also revealed that methods used by the various insurers are very different and in future work clear guidance on methodological issues seems necessary.
A more comprehensive round of QIS, including solvency requirements, will start early 2006 and will provide input for the European Commission's work on a Framework Directive.
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Summary Report
Quantitative Impact Study 1
QIS1 cover note
QIS1 specification
QIS1 questionnaire
QIS1 spreadsheet guidance
QIS1 life and non-life spreadsheet
QIS1 life and non-life spreadsheet locked
QIS1 termstructures
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