The rule in plain words
The sum of Exposure (C01300 reported in table Insurance exposure (sum insured value) - reporting for direct business of S.27.03, must be greater than total Gross written premium for direct business - all asset type (C0170) reported in table Insurance premium and expenses - reporting for direct business of S.27.03, for corresponding Peril
The headline gives only the template and the kind of check, because the rule is too long to say in a headline. The plain words above say all of it.
What to do if your return fails it
- 01Open the tables below and find the cells the rule reads.
- 02Compare the values in your return. If the first is smaller than it may be, one of them is wrong: check both before you change either.
- 03It runs only when your filing indicators mark S.27.03 as reported.
- 04This is a blocking check. A return that fails it is normally rejected, so fix it before you submit.
The cells it reads
Catastrophe data - exposure and premium data: insurance exposure (sum insured value) - reporting for gross direct business (S.27.03.01.01)
Column
- C0130Exposure
Catastrophe data - exposure and premium data: insurance premium and expenses - reporting for gross direct business (S.27.03.01.02)
Column
- C0170Gross written premium for direct business - all asset type
Which returns it applies to
Line4 Check runs it on annual solo (ARS) return on EIOPA taxonomy 2.10.0. EIOPA applies it to annual solo (ARS) and annual ECB solo (AES) returns, as a blocking check.
EIOPA’s own words and formula
The plain words above are EIOPA’s own, word for word, from its list of validations.
Show the formulaShowHide
EIOPA's formula. Cells are written as {t: table, r: row, c: column}.
sum({t: S.27.03.01.01, c: C0130, z: Z0001}) >= {t: S.27.03.01.02, c: C0170}Other rules on Catastrophe data - exposure and premium data (S.27.03)
- Catastrophe data - exposure and premium data: a conditional check (BV2582)
- Catastrophe data - exposure and premium data: for the reported premiums there must be exposure reported for corresponding peril (BV2579)Blocking
- Catastrophe data - exposure and premium data: a value must not be less than another (BV2578)Blocking
- Catastrophe data - exposure and premium data: a value must not be less than another (BV2577)Blocking
- All columns reported in S.27.03 must contain values greater than or equal to zero (BV2576)Blocking
- Columns "Exposure" and "Number of risks" must be reported (BV2575)Blocking
- Catastrophe data - exposure and premium data: a check on its values (BV2574)Blocking
- Catastrophe data - exposure and premium data: a conditional check (BV2573)
Every Solvency II rule on S.27.03
Checks like this one, run at the point of submission, are the first step to real-time supervision. Line4 builds SupTech software for financial regulators that runs checks like these as each return arrives.
