EIOPA submits QIS technical standards for revised IORP Directive
EUROPE - The European Insurance and Occupational Pensions Authority (EIOPA) has submitted its draft technical specifications on the launch of the quantitative impact study (QIS) for the revised IORP Directive to the European Commission after it received 117 responses from across Europe to its consultation process.
As previously announced by IPE, the authority was expected to send its recommendations to the European Commission at the end of September with the aim of launching the impact exercise by mid-October.
In a statement, EIOPA said its advice recognised the importance of performing a QIS and remained conditional on the results of the study.
"The consultation responses have been carefully considered, and, in some cases, the technical specifications were adjusted in the light of the comments and suggestions received," the authority said.
"EIOPA identified a number of areas in the technical specifications that needed to be further developed and tested in follow-up QIS exercises."
EIOPA conducted a consultation process on the launch of the QIS between 15 June and 31 July for which the authority received 117 responses from Belgium, France, Germany, Ireland, Italy, the Netherlands, Sweden and the UK, as well as from several European and international organisations.
According to data published by EIOPA, employers submitted 41% of the responses, pension funds, 24%.
The remaining feedback came from trade unions, insurers, actuarial consultants and asset managers.
The Commission will now consider the contents of the draft technical specifications and - after possible amendments - decide on the launch of the formal QIS exercise.
Confirming previous reports by IPE, EIOPA said today the QIS was expected to be launched in the first half of this month and would run until mid-December 2012.
EIOPA plans to publish the results of the QIS in the second quarter of 2013.
The draft technical specifications, the responses to the public consultation and EIOPA's feedback can be viewed here.