29 July 2021
On Tuesday 3 August, we will be hosting a roundtable discussion to cover general comments or questions regarding the QIS instructions and templates. This will be followed by a focussed discussion on the Risk Margin elements of the QIS.
On Tuesday 27 July, we sent invitations to all insurance firms where we held contact details centrally, confirming that up to two representatives per firm would be able to attend. We encourage all firms participating in the QIS to attend. If you have not received an invitation and would like to attend, please contact your relevant supervisor and InsuranceData@bankofengland.co.uk.
20 July 2021
On Tuesday 20 July 2021, we published the QIS for the Solvency II review – please see links to the materials below. The deadline for submitting responses is Wednesday 20 October 2021.
The QIS exercise will gather data to support the review of Solvency II. It should not be taken as an indication of the Government’s or our preferred courses of action.
We are writing to a number of firms through the Bank of England Electronic Data Submission (BEEDS) portal inviting them to participate in the exercise to ensure that we have an appropriate breadth and level of coverage in the industry for our study. If you receive this invitation, we would ask that you prioritise resource to complete the exercise to the standard needed to inform policy making. We welcome responses from all other UK regulated firms should they wish to participate.
We encourage participants to engage with the QIS early and provide any feedback or queries within the first few weeks of this publication. Please raise these to your usual supervisory contact or InsuranceData@bankofengland.co.uk. Please also refer to the QIS Q&A below for further information, which will be kept updated over the period.
In addition, we have published a Dear CEO letter that sets out our approach to the QIS, and the thinking on two key areas being assessed under it - the risk margin and the matching adjustment (MA).
In August, we will release a series of qualitative questions to inform our thinking about other aspects of Solvency II reform.