The rule in plain words
Total gross written premiums should be consistent with IR.05.03
What to do if your return fails it
- 01Open the tables below and find the cells the rule reads.
- 02The two values must be the same. Find which of the two is right, and correct the other one.
- 03It runs only when your filing indicators mark IR.05.03 and IR.05.10 as reported.
- 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
Life income and expenditure (IR.05.03.01.01)
Row
- R0030Gross
Column
- C0070Total life and health
Life premiums and claims by country (IR.05.05.01.01)
Row
- R0030Gross
Column
- C0070Total life and health
Excess capital generation (IR.05.10.01.01)
Row
- R0650Total premiums
Column
- C0010Most recent reporting period
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.
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
{t: IR.05.10.01.01, r: R0650, c: C0010, z: Z0001} = {t: IR.05.03.01.01, r: R0030, c: C0070}Other rules on Life income and expenditure (IR.05.03)
- The sum of written premiums reported in IR.14.01 must equal total gross written premiums reported in IR.05.03 (IR_bv2089)Blocking
- The sum of claims incurred reported in IR.14.01 must equal total gross claims incurred reported in IR.05.03 (IR_bv2076)Blocking
- Life income and expenditure: total = sum of parts (IR_bv2074_01)Blocking
- Life income and expenditure: total = sum of parts (IR_bv2074_02)Blocking
- Life income and expenditure: gross expenses = sum of components (IR_bv2073_01)Blocking
- Life income and expenditure: gross = gross direct business + gross reinsurance accepted (IR_bv2072_01)Blocking
- Life income and expenditure: gross = gross direct business + gross reinsurance accepted (IR_bv2072_02)Blocking
- Life income and expenditure: gross = gross direct business + gross reinsurance accepted (IR_bv2071_01)Blocking
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.