Brussels, 07/01/2008 (Agence Europe) - At the end of December, the European Commission announced that there is to be a public hearing on the “Solvency II” draft directive in Brussels on 28 January. Solvency II will bring in new solvency standards for the European insurance and re-insurance sector. Representatives of the Commission, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the sector will address the public hearing. Four issues related to the measures of implementation of the future Solvency II directive have been identified. Among these are the application of the principle of proportionality to small and medium-sized enterprises, and the use of internal models to calculate risk.
At the same time, the Commission will hold a public consultation exercise, to run until 15 February, on the Quantitative Impact Study 4 (QIS4), which it wants to commission from CEIOPS. This exercise will allow stake holders to make comments on the documents which will form the basis of the QIS4, to be launched at the end of March, with results not expected before autumn. Registration for the public hearing and consultation of documents relative to the QIS4 can be made at: http: //ec.europa.eu/internal_market/insurance/solvency/index_en.htm#qis4 (M.B.)