Today the Authority has published updated Regulatory Electronic Return templates for use by life insurers on its website. Use of the updated forms will be mandatory for submissions with a valuation date of 30 September 2020 and beyond. For interim valuation dates, use of the new forms is optional.
The changes made are as follows:
- RER_LT1_Form_6_Total: This form has been updated to correct issues with the calculation of eligible own-funds. This will only impact insurers who have own-funds consisting of paid-up subordinated mutual member accounts, paid-up preference shares, or paid-up subordinated liabilities.
- RER_LT2_Supplementary_1: This form has been updated as follows:
- The Revenue_Account_Total tab has been amended to include an ‘actual versus plan’ analysis and commentary . Please note that commentary is excluded from audit requirements under the Insurance Regulations 2018;
- the Revenue_Account_Projected tab has been amended to include projected SCRs, before and after dividend payments;
- the Change_Analysis tab has been updated to include a minimum level of analysis for insurers to carry out. Please note this does not remove the requirement for insurers to carryout appropriate change analyses for their business, within the actuarial report.