QIS3: Meaningful progress towards the implementation of Solvency II but ground remains to be covered

This document outlines our position on the third quantitative impact survey on the standard formula for the calculation of capital requirements for insurance companies under Solvency II. Before reviewing the principles that underlie the standard formula, we will give a brief introduction to Solvency II. In light of this introduction, we will then review the changes that QIS3 has brought about in the design of Solvency II; we will also point out major improvements as well as changes that are inconsistent with the very principles of this body of regulations.