On 13 January 2011, the recently established EIOPA (which replaced CEIOPS from 1 January 2011) issued a press release to announce the launch of a new Europe-wide stress test for the insurance sector in the second quarter of 2011. A stress-test is a process whereby a number of "shocks" are applied to an entity's balance sheet, to assess what the impact of different adverse and severe economic circumstances would be on an insurer's financial position. EIOPA intends that the stress-testing exercise will include at least 50% of insurance companies per country, to be identified based on gross premium income. EIOPA is currently designing a proposed stress-test and intends to consult with national supervisors before it is finalised.