A sixth impact study should not delay implementation, Ceiops' Montalvo insists

The European Commission’s top insurance official has said that the Solvency II test due to start next month may not be the final exercise.

This week, the Commission launched its final specification for QIS (Quantitative Impact Study) 5, intended to be the last in a series of exercises to test how the EU-wide directive will work.

However, Karel van Hulle, of the Commission’s insurance and pensions unit, said that QIS5 may not be the last test run. He said: “If necessary, we may need a QIS6.”

Secretary-general of Ceiops (Committee of European Insurance and Occupational Pensions Supervisors) Carlos Montalvo said that a fresh QIS should not delay the 1 January 2013 implementation of Solvency II.