EIOPA has reported on the results of QIS5. Its report explains the importance of a QIS and acknowledges Solvency II will not be a perfect system from the day it takes effect, but it will be a sound one. It noted a greater response from firms to QIS5 than to previous studies, and more engagement from smaller firms. EIOPA will work with the Commission and other stakeholders to deliver necessary Level 2 measures. (Source: EIOPA Report on the Fifth Quantitative Impact Study for Solvency II)