The rule in plain words
If line(s) of business in C0050 contains any one or combination of [“1”, “2”, “3”, “4”, “5”, “6”, “7”, “8”, “9”, “10”, “11”, “12”] in ascending order, then these columns (C0040 C0080 C0090 C0100 C0110 C0120 C0130 C0140) should be reported
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
- 01Open the table below and find the cells the rule reads.
- 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.
- 03It runs only when your filing indicators mark IR.21.04 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
Cyber underwriting risk - risk identification (IR.21.04.01.01)
Columns
- C0010Product Group Code
- C0040Cyber coverage
- C0050Line(s) of business
- C0080Sum(s) insured
- C0090Premium(s)
- C0100Sum(s) reinsured
- C0110Number of Claims settled with Payment
- C0120Amount of Gross Claims Paid - Total
- C0130Number of Claims settled without payment
- C0140Gross undiscounted best estimate provision for claims outstanding - Total
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.
Show the formulaShowHide
The Bank of England's formula. Cells are written as {t: table, r: row, c: column}.
if count({t: IR.21.04.01.01, c: C0010}) = 1 and matches({t: IR.21.04.01.01, c: C0050}, "^((1$|1,){0,1}(2$|2,){0,1}(3$|3,){0,1}(4$|4,){0,1}(5$|5,){0,1}(6$|6,){0,1}(7$|7,){0,1}(8$|8,){0,1}(9$|9,){0,1}(10$|10,){0,1}(11$|11,){0,1}(12$){0,1})$") then count({t: IR.21.04.01.01, c: C0040; C0080; C0090; C0100; C0110; C0120; C0130; C0140}) = 8 else true()Other rules on Cyber underwriting risk (IR.21.04)
- Cyber underwriting risk: if Product Group Code (C0010) is reported then Line(s) of business (C0050) should be reported (IR_bv3024_01)
- Cyber underwriting risk: a conditional check (IR_bv3024_03)
- Cyber underwriting risk: values reported in the columns should be greater than or equal to zero (IR_bv3023)
- Cyber underwriting risk: the format of a code or text (IR_bv3007)Blocking
- Cyber underwriting risk: the format of a code or text (IR_bv2492)
- Cyber underwriting risk: the format of a code or text (IR_bv2491)
- Cyber underwriting risk: double, tailing or leading whitespaces are not allowed (IR_bv1681)Blocking
- Cyber underwriting risk: the Sum(s) insured (C0080) should typically be greater than or equal to the Sum(s) reinsured (C100) (IR_bv0115)
Every Solvency UK rule on IR.21.04
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.