European insurance regulator EIOPA says QIS5 will be the final study before Solvency 2 begins
European insurance regulator EIOPA has confirmed QIS5 was the final industry-wide study to be conducted before the implementation of Solvency II January 1 2013.
EIOPA’s executive director-elect Carlos Montalvo, said in a press briefing: “QIS5 is the last one. It is simply too late to undertake another full exercise before the implementation.”
Montalvo said industry solo participation rate of 68% exceeded EIOPA’s “ambitious target” of 60%.
Total group participation in QIS5 exercise rose 57.5% to 167 companies, compared to 106 in the QIS4 study.
Montalvo said a rise in SME participation in QIS5 followed EIOPA's goals of reducing the regulation's complexity. "We want to make Solvency II accessible to everybody. We want to involved small and medium groups."
"QIS5 is a clear indication that our industry in well capitalised. Our industry was hit by the crisis but has been able to sustain itself," he added.
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