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Solvency II
In 2011, EIOPA focused on preparing the final set of regulatory measures for Solvency II, the draft standards and guidelines.
One of the main achievements of EIOPA in 2011 was the report on the Fifth Quantitative Impact Study (QIS5) summarising the potential impact of the detailed implementing measures to be drafted for the Solvency II regulatory framework. QIS5 has been the most ambitious and comprehensive impact study ever carried out in the financial sector, with the direct involvement of more than 2500 entities and 100 supervisors from member states and EIOPA, working together for almost a full year.
EIOPA launched official public consultations in 2011 in two areas in which early discussion with and preparation by the industry are particularly important. These consultations were on the draft standards and guidelines on reporting and disclosure, and on guidelines on Own Risk and Solvency Assessment (ORSA).
At the end of 2011, EIOPA submitted additional advice to the European Commission on the calibration of the non-life underwriting risk module. In the area of catastrophe risk, EIOPA made its final recommendation for the implementing measures on a number of outstanding non-life and health catastrophe risk issues.
Several task forces concluded their work in 2011, resulting in the publication of the following reports: ‘Calibration of the Premium and Reserve Risk Factors in the Standard Formula of Solvency II’ and the ‘Report of the Task Force on Expected Profits arising from Future Premiums’.
Finally, since the creation of EIOPA’s Insurance and Reinsurance Stakeholder Group, EIOPA has benefited from their expertise and wide range of views and interests, and actively involved its members in major aspects of Solvency II.
The report provides short summaries of other areas.