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QIS5 Technical Specifications

Distance-based insurance reflects the principle that prices should be based on costs. It gives consumers a new way to save money by returning to individual motorists the insurance cost savings that result when they drive less. Motorists who continue their current mileage would be no worse off on average then they are now (excepting any additional transaction costs), while those who reduce their mileage save money. Distance-based pricing can help achieve several public policy goals including actuarial accuracy, equity, affordability, road safety, consumer savings and choice. It helps reduce traffic congestion, road and parking facility cost savings, and environmental impacts. It can reduce the need for cross-subsidies currently. | EUROPEAN COMMISSION Internal Market and Services DG FINANCIAL INSTITUTIONS Insurance and pensions Brussels 5 July 2010 QIS5 Technical Specifications Annex to Call for Advice from CEIOPS on QIS5 This document is a working document of the Commission services for testing purposes. It does not purport to represent or pre-judge the formal proposals of the Commission. All documents relating to QIS5 produced by CEIOPS will be made available on their website http www.ceiops.eu index.php option content task view id 732 1 Table of content SECTION 1 - VALUATION.6 V.1. Assets and Other Liabilities.6 V. 1.1. Valuation approach.6 V.1.2. Guidance for marking to market and marking to model.8 V.1.3. Requirements for the QIS5 valuation process.8 V.1.4. IFRS Solvency adjustments for valuation of assets and other liabilities under QIS510 V.2. Technical Provisions.20 V.2.1. Segmentation.20 V.2.2. Best estimate.25 V.2.2.1. Methodology for the calculation of the best estimate.25 V.2.2.2. Assumptions underlying the calculation of the best estimate.39 V.2.2.3. Recoverables.43 V.2.3. Discount rates.50 V.2.4. Calculation of technical provisions as a whole.52 V.2.5. Risk margin.54 V.2.6. Proportionality.67 V.2.6.1. Possible simplifications for life insurance.74 V.2.6.2. Possible simplifications for non-life insurance.78 V.2.6.3. Possible simplifications for reinsurance recoverables.84 SECTION 2 - SCR - STANDARD FORMULA.90 SCR.1. Overall structure of the SCR.90 SCR.1.1. SCR General remarks.90 SCR.1.2. SCR Calculation Structure.94 SCR.2. Loss absorbing capacity of technical provisions and deferred taxes.97 SCR.2.1. Definition of future discretionary benefits.97 SCR.2.2. Gross and net SCR calculations.97 SCR.2.3. Calculation of the adjustment for loss absorbency of technical provisions and deferred taxes . 97 SCR.3. SCR Operational risk.102 Description.102 SCR.4. SCR Intangible asset risk module.105 SCR.5. SCR market risk module.106 SCR.5.2. Introduction.106 SCR.5.3. Scenario-based calculations