Premiums, claims and expenses by country: value of premiums written and premiums earned should be positive or equal to zero (IR.05.02, Bank of England rule IR_bv0528_03)

The rule in plain words

What to do if your return fails it

1. 01Open the table below and find the cells the rule reads.
2. 02Look for a value below zero in these cells, such as an amount entered as a negative number.
3. 03It runs only when your filing indicators mark IR.05.02 as reported.
4. 04This is a warning. It does not stop the return on its own, but your supervisor may ask you to explain it.

The cells it reads

Which returns it applies to

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

The Bank’s own words and formula

The plain words above are the Bank of England’s own, word for word, from its list of validations.

Other rules on Premiums, claims and expenses by country (IR.05.02)

Every Solvency UK rule on IR.05.02

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.