4th Quantitative Impact Study for Life Insurers

Closed 30 Jun 2017

Opened 7 Apr 2017

Feedback updated 15 Oct 2019

We asked

We asked all life insurers to submit their results for the 4th Quantitative Impact Study (“QIS4”), further testing the proposed valuation and solvency requirements, including changes to the standard formula for operational risk and analysis of the impact of management actions. 

You said

You submitted your results that indicated insurers were overall well prepared for the proposed changes.  We provided feedback directly to participant insurers.

We did

The results of the 4th Quantitative Impact Study we used to inform the drafting and consultation of the Insurance (Long Term Business Valuation and Solvency) Regulations 2018, consulted upon in November 2017.

Results updated 3 Jan 2018

The FSA provided feedback directly to respondents to this consultation on 30 October 2017.


This paper sets out the timescales for the fourth Quantitative Impact Study (“QIS4”) exercise for life insurers and reinsurers, describes changes to the Standard Formula being tested in QIS4 compared with that for QIS3, and provides additional guidance on some aspects of the calculation in order to promote consistency of approach across respondents.



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