The 5th Quantitative Impact Study (QIS 5) implementing the new Solvency II supervisory regime for insurance undertakings in the European Union will be held during the second half of 2010. Following on from the already completed QIS 1 through 4.5, the purpose is to conduct what is expected to be the last analysis of the quantitative effects of the new rules and various parameters of the EU’s Solvency II Directive, which entered into force in December 2009, before these rules are implemented in practice. The study is conducted by the European Commission in collaboration with the national supervisory authorities, with the FMA taking responsibility for the Austrian market.
Solvency II will replace the existing capital regime for insurance undertakings with a comprehensive risk-based approach, as Basel II did for banks, which aims to better reflect the actual risk profile of individual insurers. In the implementation and analysis of the field study, the FMA will pay particular attention to ensure that the specifics of the Austrian insurance markets are taken into account. QIS 5 will enable an in-depth discussion of the new rules before they are implemented in practice, and will also test cooperation between the supervisory authority and the insurance undertakings within the new framework. Final adjustments may be made as a result of the findings of the study.
Publication of the national report on the findings of QIS 5 is anticipated for the beginning of 2011, shortly after which the findings at European level will also be made known.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516