The Isle of Man Financial Services Authority has today launched the 3rd Quantitative Impact Study for Life Insurers
As detailed in the FSA’s 2016 Roadmap, we are today issuing a consultation paper CP16-05. This paper sets out the timescales for the QIS3 exercise for life insurers and reinsurers, describes changes to the Standard Formula being tested in QIS3 compared with that for QIS2, and provides additional guidance on some aspects of the calculation in order to promote consistency of approach across respondents.
We are also issuing the QIS3 technical specification TS16-05, six results templates for the QIS3 exercise, a spreadsheet containing the risk-free yield curves and probabilities of default as at 31 December 2015, and three helper sheets to assist in calculating the counterparty default risk, spread risk, and health risk capital requirements.
A questionnaire relating to QIS3 and this consultation paper will be added to our website during October 2016. We will also provide a summary of the results of the QIS2 exercise to participating insurers during October 2016.
We require that the results of QIS3 (for all life insurers and reinsurers) are submitted by the end of December 2016 at the latest. Insurers should submit their results earlier if possible.