Prudential Regulation Authority Rulebook

6.1

A firm must prepare every document and Form required pursuant to these rules in the manner set out by the PRA and must fairly state the information provided on the basis required by this Part.

6.2

Where a Form is referred to, a firm must submit the relevant data in that form.

6.3

Unless otherwise stated, when completing the documents specified under Chapters 3, 4, 5 and 10:

1. (1) the value or amount given for an asset or a liability of the firm is the value or amount of that asset or liability as determined in accordance with Insurance Company - Overall Resources and Valuation 3 – 8 and Insurance Company - Capital Resources Requirements 8 – 13 and 15 – 19 at the end of the financial year in question;
2. (2) no value shall be given to exposures in excess of the limits set out in Insurance Company – Exposure Limits 7.4;
3. (3) not withstanding (1) and (2) (but subject to the conditions set out in (4)), a firm must, for the purposes of an actuarial investigation, decide whether to assign to any of its assets the value given to the asset in question in the books or other records of the firm; and
4. (4) the conditions referred to in (3) are that:
1. (a) the election does not enable the firm to bring into account any asset that is not an admissible asset; and
2. (b) the value assigned to the aggregate of the firm’s assets is not higher than the aggregate of the value of those assets as determined in accordance with (1) and (2), without taking advantage of (3).

6.4

All amounts, descriptions or other text required to be shown as supplementary notes to a Form must not be included on the face of that Form, but must be a separate statement. The title of that statement must identify the Form to which it relates.

6.5

Where a Form requires the ‘company registration number’, a firm must provide the full registration number given by the Registrar of Companies. If the firm does not have such a number, it must agree a suitable number with the PRA.

6.6

In respect of rule 6.5, a Swiss general insurer must use its F-series number issued by the Registrar of Companies.

6.7

A firm must complete boxes marked ‘GL/UK’ on a Form by inserting:

1. (1) ‘UK’ in the case of a Form prepared by a Swiss general insurer; and
2. (2) ‘GL’ in all other cases.

6.8

A firm must complete boxes marked ‘Period ended’ on a Form in numerals to show the date of the last day of the financial year in question.

6.9

Subject to 14.4, a firm must not complete a box which is shaded or not labelled on a Form.

6.10

Where the term ‘financial year’ is used on a form, this means the financial year in question.

6.11

A firm must express the currency of any asset, or the amount of any liability, denominated in a currency other than sterling in sterling as if conversion had taken place at the closing middle rate on the last day for which the appropriate rate is available in the financial year to which the asset or liability relates. The amount of any income or expenditure must be expressed in sterling using such bases of conversion as are in accordance with generally accepted accounting practice.

6.12

Where negative amounts are to be used, they must be shown in round brackets.

6.13

A firm must not restate comparatives unless restatement is necessary in order to allow the appropriate comparison to be made.

6.14

A firm must show amounts to the nearest £1,000.

6.15

Calculations must be performed using unrounded figures. Figures which are determined from other figures (whether or not on the same form) must be rounded after performing calculations on the unrounded component figures. Percentages and ratios must also be shown to two decimal places.

6.16

A firm must complete the following Forms set out against the relevant PRA general insurance business reporting categories:

6.17

In accordance with the table found at 12.3 a firm must complete a Form (specified in the first column) for a category of business if the criteria in the third column are met for that category of business.

6.18

For Forms 40 – 60, where neither the mathematical reserves nor the gross premiums with respect to the total overseas business exceeds £50m or 5% of the total mathematical reserves, a firm may treat that business:

1. (1) in the case of business which if it were business effected in the UK would be UK pension business; or
2. (2) otherwise, as UK life business.

6.19

With regard to long-term insurance business, Forms must not be completed on the basis of deposit accounting regardless of whether the firm uses this basis in accordance with international accounting standards.

6.20

Where a Form is to be submitted but all entries (including comparatives) would be blank, that Form may be omitted provided that a note coded FF00 (where F is the Form number) is included stating that this is why the Form has been omitted. Where a Form is omitted because of the operation of a de minimis limit, a note coded FF00 must be included stating that this is why the Form has been omitted. This note is not needed where a Form is omitted because the rules do not require it for a reason other than the operation of a de minimis limit.