4th Quantitative Impact Study for Non-Life Insurers
Feedback updated 15 Oct 2019
We asked
We asked all non-life insurers to submit their results for the 4th Quantitative Impact Study (“QIS”), further testing the proposed valuation and solvency requirements based on feedback to QIS3. In QIS4 we tested changes to the standard formula, including:
- Additional calibrations for 1 in 50 and 1 in 100 submissions for insurers writing between 5% and 20% unrelated business;
- Testing the inclusion of loans to group companies in the counterparty default risk shock scenario;
You said
You submitted your results and we provided feedback directly to participant insurers.
We did
The outcome of the QIS4 exercise and associated qualitative feedback received were fed into the 5th Quantitative Impact Study for non-life insurers. That exercise tested changes that were made to the standard formula following feedback received in QIS4.
Overview
The Isle of Man Financial Services Authority (“Authority”) has today issued a consultation paper, CP17-08/T09, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires the Isle of Man’s non-life insurers and reinsurers to test in the fourth Quantitative Impact Study (QIS4).
Why your views matter
The responses to this consultation paper and the results of QIS4 will be used to further develop the Authority’s views on the capital adequacy regime for non-life insurers. Further consultations and QIS exercises will therefore be run as more concrete proposals are developed.
Areas
- All Areas
Audiences
- Business owner
- Other non-resident - business interests
Interests
- Finance
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