Solvency capital requirement - counterparty default risk and solvency capital requirement - counterparty default risk: the format of a code or text (IRR.26.02, IR.26.02, Bank of England rule IR_bv1697)

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 tables below and find the cells the rule reads.
2. 02Compare the code or text in your return with the format the rule sets out, character by character, including any prefix and any spaces.
3. 03This is a blocking check. A return that fails it is normally rejected, so fix it before you submit.

The cells it reads

Which returns it applies to

Line4 Check runs it on quarterly solo (QRS), quarterly group (QRG), 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 quarterly solo (QRS), annual third-country branch (ARB), annual solo (ARS), quarterly group (QRG) and annual group (ARG) returns, as a blocking check.

The Bank’s own words and formula

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

si2527 doesn't follow imposed pattern: values (from 3 to 7) or 9.

Other rules on Solvency capital requirement - counterparty default risk (IRR.26.02)

Every Solvency UK rule on IRR.26.02

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.