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Carlos Montalvo, executive director at the authority, said it was "unfeasible" for EIOPA to send its preliminary results to the Commission in January. Brussels approved the technical methodology for the first QIS in mid-October and called on EIOPA at the time to release its results on the QIS as early as end of January 2013. The QIS, launched mid-October, aims to assess the holistic balance sheet (HBS) approach within the revised IORP Directive and will run until end of December. Montalvo said: "We have already said we will not consider Christmas an end-year for the industry to respond to the QIS because we know there are other priorities. We want a good QIS, and for that we need a little bit of time."
[NAPF chief executive] Joanne Segars said the European Commission and the pensions industry should take as much time as they needed to assess fully the impact of an HBS on occupational pensions. "It just seems unbelievable that we will get to a draft of the revised directive on the basis of one QIS, especially if we compare with the five QISs the insurance industry has gone through for the introduction of the Solvency II Directive", she said.
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