Group income protection claims reinsured benefit IR.30.07 for specified reinsurers exceeds reinsured benefit on IR.30.06 (IR.30.06, IR.30.07, Bank of England rule IR_bv2028)

The rule in plain words

What to do if your return fails it

1. 01Open the tables below and find the cells the rule reads.
2. 02Compare the values in your return. If the first is smaller than it may be, one of them is wrong: check both before you change either.
3. 03The Bank of England allows a small rounding difference, worked out from the decimals each value is reported with.
4. 04It runs only when your filing indicators mark IR.30.06 and IR.30.07 as reported.
5. 05This 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) return on Bank of England taxonomy 2.2.0. The Bank of England applies it to annual solo (ARS) 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 Life outwards reinsurance summary (IR.30.06)

Every Solvency UK rule on IR.30.06

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.