The Association of Mutual Insurers and Insurance Cooperatives in Europe has called for its members to participate on the ongoing “debate” about the final design of Solvency II.
In a letter to all of its 120 members, Amice president Asmo Kalpala emphasised the importance for all insurers to participate in the current Quantitative Impact Study – QIS5.
“The QIS5 exercise is a test to which all insurance undertakings are invited – and the test materials are free of charge. So, I encourage every insurer to take this opportunity to learn more about Solvency II, about the options that are still open and about its own financial situation according to the new prudential framework”, said Mr Kalpala.
“Only an informed debate is a good debate; and only in a good debate will mutual and cooperative insurers be able to raise their concerns and to shape the open elements.”
As well as taking the test for the purpose of learning and knowing one’s situation, Amice said making QIS5 results available to supervisors and the Commission “is the most potent tool for demonstrating where the current design of Solvency II provides inappropriate solutions or creates problems”.
In a letter to insurance associations that Amice also distributed to its members, the European Commission underlined that it needs broad feedback from the sector, notably from smaller and/or specialised insurers to be able to make the right decisions about methods and calibrations in several areas. Mr Kalpala also reminds Amice members that sharing their results with their associations, at the national as well as at the European level, strengthens the lobbying opportunities.
