The Committee of European Insurance and Occupational Pension Supervisors (CEIOPS) run European Commission (EC) has launched its fifth Quantitative Impact Study or QIS5. Further it has emphasized more on the participation of the Insurance and Reinsurance companies (60%) and insurance groups (75%) to ensure that the data provided by the solvency 2 frame works is representing the companies across Insurance business lines and Member States.

The commission has initiated the QIS as the series of studies to ensure the most accurate formulation of solvency 2 framework. This is the 5th one in series, the 1st four being taken place between 2005 and 2008. The previous studies have provided empirical basis for the preparation of the solvency 2 directive as well as the subsequent negotiations between the European Parliament and the council The results of the fifth QIS studies are likely to help the commission fine-tune the calibration of the Solvency Capital Requirement standard formula and the technical provisions and the own funds in the level 2 implementing measures.

According to the Internal Market and Services Commissioner Michel Barnier, the additional QIS5 for Solvency 2 is likely to provide with the details of the Solvency2 Implementing Measures and the exact calibration of those measures. The results of the study will further allow the Commission to estimate the requirements of capital that the insurance and the reinsurance companies will have to hold under the new solvency regime.