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QIS Summary Reports
Since 2008, four Quantitative Impact Studies (QIS) have been completed based on an insurer’s information for its financial year ends for 2007, 2008, 2009 and 2010 and are referred to as QIS 1, QIS 2, Parallel Run 1 and Parallel Run 2, respectively. These studies were conducted on the new risk based capital requirements for insurers, the new standard method of valuing long term insurance business, and the reporting of general insurance claims information in the new Form B4 Schedules. The QIS’s were deemed necessary to assess the impact of the proposals, test the industry’s capabilities of implementing the new requirements and ensure applicability to the Trinidad and Tobago market.
The Central Bank has provided the industry with relevant feedback on the results of each QIS by way of individual company meetings, industry information sessions on QIS 1 and 2 and summary reports on Parallel Runs 1 and 2 as found below: