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The Commission made public the minutes of the public hearing on Solvency II and QIS4 of
The first Panel focused on the overall Solvency II project and the importance of the Fourth Quantitative Impact Study (QIS4) within the process.
The second panel discussed the implementation of the proportionality principle, especially with respect to SMEs.
The third panel involved an exchange of views on Group solvency.
The fourth panel discussed the question of Internal Models.
The closing speech by Director General Jörgen Holmquist indicated that the adoption of Solvency II would set a world-leading standard and it was therefore crucial that all stakeholders worked together to ensure that the solvency II timetable is maintained.
He added that QIS3 had been a success, which confirmed that the economic risk-based approach set out in the Directive Proposal was sound. Mr Holmquist said that QIS4 was also very important because it would enable CEIOPS to prepare the ground for the work on future level 2 implementing measures.
To conclude, Jörgen Holmquist highlighted the importance of CEIOPS and the need for greater supervisory convergence, as had been stressed more generally for all the Level 3 Committees in the Lamfalussy Review.
Presentations made by the speakers