When is an EU citizen considered a settled person in the UK?

I need to know the residency requirement for the above and I am getting conflicting answers. Some say three years and some say five. Please reply quoting source if you have an answer.
Thanks.

It's after five years of residence but also having met the conditions for permanent residence. Those conditions include, but are not limited to, exercising treaty rights throughout the five year residence period and no breaks of more than six months. Some categories of treaty rights require the EU national to hold comprehensive (private) medical insurance.