The rule in plain words
R0060 (future policy related liabilities) = sum of rows r0070-r0120 (future costs) - r0130 - r0140 (deductions)
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.
This is a blocking check. A return that fails it is normally rejected, so fix it before you submit. It runs only when your filing indicators mark IRR.12.06 as reported.
The cells it reads
With-profits liabilities and assets (IRR.12.06.01.01)
Rows
- R0060Future policy related liabilities
- R0070Future costs of contractual guarantees
- R0080Future costs of non-contractual commitments
- R0090Future costs of financial options
- R0100Future costs of smoothing (possibly negative)
- R0110Financing costs
- R0120Other with-profits insurance liabilities
- R0130Planned deductions for guarantees, options and smoothing
- R0140Planned deductions for other costs
Column
- C0030Amount
Which returns it applies to
Line4 Check runs it on annual solo (ARS) return on Bank of England taxonomy 2.2.0. The Bank of England applies it to annual solo (ARS) returns, as a blocking check.
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.
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
{t: IRR.12.06.01.01, r: R0060, c: C0030, z: Z0001} = {t: IRR.12.06.01.01, r: R0070, c: C0030, z: Z0001} + {t: IRR.12.06.01.01, r: R0080, c: C0030, z: Z0001} + {t: IRR.12.06.01.01, r: R0090, c: C0030, z: Z0001} + {t: IRR.12.06.01.01, r: R0100, c: C0030, z: Z0001} + {t: IRR.12.06.01.01, r: R0110, c: C0030, z: Z0001} + {t: IRR.12.06.01.01, r: R0120, c: C0030, z: Z0001} - {t: IRR.12.06.01.01, r: R0130, c: C0030, z: Z0001} - {t: IRR.12.06.01.01, r: R0140, c: C0030, z: Z0001}Other rules on With-profits liabilities and assets (IRR.12.06)
- With-profits liabilities and assets: values must agree (IR_bv1818)Blocking
- With-profits liabilities and assets: R0010 (with-profits benefits reserve) = r0020 (asset shares) + r0050 (prospective reserve) (IR_bv1815)Blocking
- With-profits liabilities and assets: values must agree (IR_bv1825)Blocking
- With-profits liabilities and assets: R0020 (asset shares) >= 0 (IR_bv1814)
- IR.12.06 should not have data if there is data in IRR.12.06 (IR_bv1813)
Every Solvency UK rule on IRR.12.06
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.