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Member, Beacon International Group, Ltd.
FRANKFURT (Bloomberg)—More than two-thirds of Europe’s insurers participated in the fifth test of a proposed new regulatory framework.
The Frankfurt-based Committee of European Insurance and Occupational Pension Supervisors, or CEIOPS, is developing the rules, known as Solvency II, with local regulators. The risk-based system is designed to ensure the industry will be able to withstand a repeat of the global financial crisis.
The latest proposals for Solvency II, due to be introduced in 2013, have been tested by “almost 70% of all insurance and reinsurance companies” in a fifth quantitative-impact study, known as QIS5, CEIOPS said Friday in a statement. That compares with 33% in the previous study, QIS4, the regulator said.
CEIOPS plans to publish the results of QIS5 in March.
Copyright 2010 Bloomberg
LONDONOnly one-third of U.K. insurers say they will undertake an advanced recalculation of their capital requirements as part of the fourth quantitative impact study on Solvency II, according to a study.