The Commission Services sent CEIOPS a Call for Advice along with detailed technical specifications asking them to run a fourth Quantitative Impact Study between April and July 2008. A report on the results of the exercise is due to be published November 2008.
Particular attention should be paid to the following areas:
– The suitability and practicality of the technical specifications, in particular with respect to the simplified methods proposed for the calculation of technical provisions and the SCR, as well as the use of entity specific parameters;
– The quantitative impact on insurance and re-insurance groups' solvency balance sheets, taking into account the interaction between solo and group capital requirements and the eligibility and transferability of own funds;
– The comparability of results produced by the SCR Standard Formula and those derived from insurers and re-insurers' full and partial internal models;
– The design and calibration of the MCR formula.
All insurers and re-insurers should send their submissions to national supervisors by 7 July 2008 and, in the case of insurance and re-insurance groups, results should be sent to the CEIOPS centralised database and their national supervisors by 31 July 2008.
Letter Holmquist to CEIOPS
Call for Advice
Technical Specifications
Operational risk questionnaire
© Graham Bishop
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