By Matt Ritchie
The European Insurance and Occupational Pension Authority has launched a consultation on the detail of the quantitative impact study (QIS) that will inform changes to the IORP Directive.
In the advice EIOPA submitted to the European Commission earlier this year, the authority proposed a “holistic balance sheet” as a means to achieve the commission’s objective of a harmonised prudential regime for IORPs.
The advice was conditional on the results of a QIS, and emphasised the need to investigate the feasibility of implementing the holistic balance sheet in practice and introducing a common level of security.
Announcing the consultation, EIOPA said the QIS will only assess the financial impact on IORPs of valuing assets and liabilities on the holistic balance sheet and introducing a solvency capital requirement under the various policy options in EIOPA’s advice. However, the results will feed into the commission’s impact assessment of all costs and benefits accompanying its legislative proposal.
Following the consultation EIOPA will send a revised version to the commission, and the QIS exercise is expected to take place from the beginning of October until mid-December 2012.
This consultation is open until 31 July, and documents are available here