2012-10-02 – Frankfurt
EIOPA’s final advice on the IORP directive
EIOPA conducted a consultation process on the technical draft specifications of the QIS between 15 June and 31 July for which the authority received 117 responses from Belgium, France, Germany, Ireland, Italy, the Netherlands, Sweden and the UK, as well as from several European and international organisations.
According to data published by EIOPA, employers submitted 41% of the responses, pension funds, 24%.
The European quantitative impact study (EU-QIS) draft has now been published by the European Insurance and Occupational Pensions Authority (EIOPA) for the revised IORP Directive to the European Commission (EC) after its responses from across Europe to its consultation process. The QIS analyses the impact of the new requirements aimed at raising the quality and level of the capital base, enhancing risk capture, containing excessive leverage and introducing new liquidity standards for the global banking system.
The responses were considered and a number of areas in the technical specifications were further developed and tested in follow-up QIS exercises.
The standard formula SCR modules can be structured as in the following diagram:
Source: EIOPA
The EC will consider the contents of the draft technical specifications and is expected to start the QIS exercise in the first half of October and run until mid-December 2012.
EIOPA plans to publish the results of the QIS in the second quarter of 2013.
The draft technical specifications, the responses to the public consultation as well as EIOPA’s reasoned feedback can be viewed here:
https://eiopa.europa.eu/consultations/consultation-papers/2012-closed-consultations/june-2012/cp-0032012-draft-technical-specifications-for-the-qis-of-eiopas-advice-on-the-review-of-the-iorp-directive/index.html
