The Prudential Regulation Authority (PRA) launched in July its Quantitative Impact Study (QIS), covering the review of Solvency II in the United Kingdom. As part of the process, the PRA made available in August a QIS qualitative questionnaire to consider the wider effects of potential reforms beyond the balance sheet impacts. The three main parts of the questionnaire, which is in Microsoft Excel, are discussed in more detail in the following sections:

• Basic information and introduction sheets
• The main sheets, including those for risk margin, matching adjustments, and risk appetite
• A quantitative view of a stress scenario