The item "Premium received to date" in Open Derivatives should be positive (IR.08.01, Bank of England rule IR_bv0607_01)

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 of zero or below in these cells.
3. 03It runs only when your filing indicators mark IR.08.01 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 quarterly solo (QRS) and annual solo (ARS) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to quarterly solo (QRS) and annual solo (ARS) returns, as a warning.

The Bank’s own words and formula

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

The item "Premium received to date" in IR.08.01.01.01 - Open Derivatives should be positive.

Other rules on Open derivatives (IR.08.01)

Every Solvency UK rule on IR.08.01

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.