The sum of claims incurred reported in IR.14.01 must equal total gross claims incurred reported in IR.05.03 (IR.05.03, IR.14.01, Bank of England rule IR_bv2076)

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. 02Add up the parts in your return and compare the result with the total.
3. 03If they differ, a part is missing, a value sits in the wrong cell, or the total is out of date.
4. 04The Bank of England allows a small rounding difference, worked out from the decimals each value is reported with.
5. 05It runs only when your filing indicators mark IR.05.03 and IR.14.01 as reported.
6. 06This 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 annual solo (ARS) and annual third-country branch (ARB) returns on Bank of England taxonomy 2.2.0. The Bank of England applies it to annual third-country branch (ARB) and 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.

Other rules on Life income and expenditure (IR.05.03)

Every Solvency UK rule on IR.05.03

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.