Outwards reinsurance balance sheet exposures: this value must not be reported as a positive value (IR.31.01, Bank of England rule IR_bv2517)

The rule in plain words

What to do if your return fails it

1. 01Open the table below and find the cells the rule reads.
2. 02Compare the values in your return. If the first is bigger than it may be, one of them is wrong: check both before you change either.
3. 03It runs only when your filing indicators mark IR.31.01 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 group (ARG) return on Bank of England taxonomy 2.2.0. The Bank of England applies it to annual group (ARG) 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 Outwards reinsurance balance sheet exposures (IR.31.01)

Every Solvency UK rule on IR.31.01

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.