Note on extended deadline for the data submission on Non-Life and Non-SLTHealth-Data request to review calibration.
On September 23d, 2010 CEIOPS launched a Europe-wide data request with an original deadline of November 30th, 2010. In order to achieve a larger response rate and enhance the accuracy of the revision exercise as much as possible, all parties of the joint working group decided to extend this deadline to December 31st, 2010.
Given the utmost importance of the objective that the data collected is comprehensive and representative of the whole European market, CEIOPS encourages undertakings to participate in the data request, even if it is only possible to supply data gross of reinsurance.
CEIOPS also reminds undertakings that a detailed description of the data is to be collected and the template that should be used to submit the data is available on CEIOPS’ website at: https://www.ceiops.eu/consultations/qis/quantitative-impactstudy- 5/non-life-calibration-data-collection/index.html.
Data should be submitted to national supervisors by the above mentioned extended submission date. National supervisors will review the submissions to ensure that the data submitted is suitable to support the intended analysis before forwarding it to CEIOPS.
It should be pointed out that the results of the calibration exercise would only be able to be reflected in the draft Level 2 Implementing measures if those results are provided to the European Commission by mid-March 2011.
Taking into account the time needed to carry out the work, data submitted after the new deadline cannot be guaranteed to be included in the final analysis.
CEIOPS acknowledges the considerable efforts already made by undertakings in responding to the QIS5 exercise and we hope that the extended deadline enables undertakings to respond to our request in a positive way.
Source : CEIOPS Press Release
