Non-life outwards reinsurance contract information: a conditional check (IR.30.03, Bank of England rule IR_bv2617)

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. 02The check applies only when its first part holds in your return. When it does, the second part must hold too: fix the second part, or correct the first.
3. 03It runs only when your filing indicators mark IR.30.03 as reported.
4. 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

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 solo (ARS) and annual third-country branch (ARB) 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 Non-life outwards reinsurance contract information (IR.30.03)

Every Solvency UK rule on IR.30.03

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.