Answers to the European Commission on the ... - Eiopa - Europa

member countries and in <strong>the</strong> EU as a whole. The CEIOPS FSC will draw
up guidelines for sampling in individual member countries for QIS2.
These guidelines will be principle-based (such as significant
representation, variety) and allow for <strong>the</strong> possibility <strong>to</strong> align <strong>the</strong>
samples with <strong>the</strong> particularities of <strong>the</strong> national markets.
13.19 While participating in a QIS exercise is optional for any undertaking, all
undertakings wishing <strong>to</strong> participate should have <strong>the</strong> possibility <strong>to</strong> do so.
CEIOPS takes <strong>the</strong> view that taking part in QIS will give insurers <strong>the</strong>
opportunity <strong>to</strong> contribute in shaping <strong>the</strong> subsequent technical advice
that CEIOPS gives <strong>the</strong> EU <strong>Commission</strong>, particularly because QIS will
allow a dialogue with insurers and associations about <strong>the</strong> practicalities
of <strong>the</strong> approaches envisaged. Coverage of <strong>the</strong> samples will probably be
a lesser issue in <strong>the</strong> subsequent QIS exercises than in <strong>the</strong> first as <strong>the</strong>
interest in participation is expected <strong>to</strong> increase.
13.20 The participation in <strong>the</strong> QIS of undertakings belonging <strong>to</strong> groups
operating in more than one <strong>European</strong> country should be coordinated
between <strong>the</strong> national supervisors concerned.
Timing issues
13.21 Timing issues are clearly a challenge <strong>to</strong> <strong>the</strong> process of carrying out <strong>the</strong>
QIS. The process of conducting a QIS and processing a result is
estimated <strong>to</strong> take approximately 5 <strong>to</strong> 6 months from <strong>the</strong> point in time
where all necessary input is received
• drafting of spreadsheets & guidance (2 -3 weeks);
• conducting a pre-test and amending <strong>the</strong> framework (4 weeks);
• QIS calculations (<strong>the</strong> undertakings should be allowed at least 8
weeks and up <strong>to</strong> 12 weeks for <strong>the</strong> initial QIS);
• validating and checking spreadsheets and preparing country
reports (4 weeks);
• summarising conclusions from country reports (3-4 weeks); and
• consultation on changes or additions <strong>to</strong> <strong>the</strong> advice previously
submitted <strong>to</strong> <strong>the</strong> EU <strong>Commission</strong> will follow <strong>the</strong> timeframes
outlined in CEIOPS' statement on Consultative practices.
13.22 It is recognised that this timeframe is ambitious and may have <strong>to</strong> be
extended in light of <strong>the</strong> experience. QIS will need <strong>to</strong> be undertaken on
a best effort basis in order <strong>to</strong> provide timely input <strong>to</strong> <strong>the</strong> <strong>Commission</strong>’s
impact assessment of <strong>the</strong> Framework Directive.
13.23 Fur<strong>the</strong>rmore <strong>the</strong> end-of year issue is taken in<strong>to</strong> account. The key
consideration is existing reporting considerations – most undertakings
will be very busy with end-year reporting in <strong>the</strong> first quarter. It is
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