The recently issued third Quantitative Impact Study (“QIS 3”) represents an important step in moving from the development phase to the implementation phase of SAM.
QIS 3 is compulsory for all insurers and insurance groups, which will require formal sign-off by the public officer. Furthermore, the FSB has indicated a clear preference of evidence that the board were involved or otherwise noted the submission. There is no prescribed reporting date, but it should not be earlier than 31 December 2012. Insurers will have to submit their QIS 3 results by April 2014 for solo entities and by mid-May for insurance groups.
In this SAM focus we consider the implications on Technical provisions, Solvency Capital Requirements, Participations, Own Funds, Insurance groups, and a closer look at Liquidity risk.
If you wish to discuss this document in more detail, please contact your usual PwC contact or those listed at the end of the document.
|Previous versions of SAM Focus:|
|SAM Focus 2013|
|SAM Focus 2012|
|SAM Focus 2011|
Other SAM brochures