Minimum capital requirement - only life or only non-life activity: a value must be more than zero (IR.28.01, Bank of England rule IR_bv2395)

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 table below and find the cells the rule reads.
2. 02Look for a value of zero or below in these cells.
3. 03It runs only when your filing indicators mark IR.28.02 as reported.
4. 04This 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) 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

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

The Absolute floor of the MCR reported in IR.28.02.01.05 - Minimum Capital Requirement - Both life and non-life insurance activity should be calculated as defined in Art 129(1)(d) of Directive 2009/138/EC.

Other rules on Minimum capital requirement - only life or only non-life activity (IR.28.01)

Every Solvency UK rule on IR.28.01

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.