Non-life technical provisions: two values must match (IR.17.01, Bank of England rule IR_bv0515)

The rule in plain words

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

1. 01Open the table below and find the cells the rule reads.
2. 02The two values must be the same. Find which of the two is right, and correct the other one.
3. 03It runs only when your filing indicators mark IR.17.01 as reported.
4. 04This is a blocking check. A return that fails it is normally rejected, so fix it before you submit.

The cells it reads

A worked example

With simple numbers.

Which returns it applies to

Line4 Check runs it on annual solo (ARS) and annual third-country branch (ARB) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to annual third-country branch (ARB) and annual solo (ARS) returns, as a blocking check.

The Bank’s own words and formula

In the Bank of England’s list of validations, word for word:

The item "Premium provisions - Gross - Total" reported in IR.17.01.01.01 - Non-Life Technical Provisions should be equal to the "Premium provisions - Gross - accepted non-proportional reinsurance business".

Other rules on Non-life technical provisions (IR.17.01)

Every Solvency UK rule on IR.17.01

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.