New Versions of the RER_LT2 and RER_LT1 Forms
The Authority has uploaded new versions of the RER_LT2 and RER_LT1 forms onto the website at https://www.iomfsa.im/regulated-sectors/life-insurance/returnsforms/
These forms have been amended following feedback from the Quarter 2 submissions.
The changes include:
- RER_LT2 Supplementary
- Further guidance has been included in the comments in the revenue account tab as to how the fields should be completed. In particular please note that the balance sheet reconciliation should be carried out on the net asset position of the insurer, and the investment data analysis should be carried out on the total assets of the insurer.
- The formatting of the input cells has been updated to make them easier to read.
- The Index tab has been left unprotected to enable insurers to break links to any backing spreadsheets. Please ensure all links are broken before submitting returns to the FSA.
- RER_LT1 Forms 1 to 6
- The calculation of the reconciliation reserve in the ‘own funds’ tab of form_6_Total has been amended to allow for the deduction of any known own fund items that should not be included in the reconciliation reserve . If applicable to them, insurers must use the new field to deduct the amount of known Tier 2, Tier 3 own funds, own shares or foreseeable dividends or distributions that make up part of the difference between the net asset position on the accounting basis and on the regulatory basis.
- The determination of the own funds eligible to meet the SCR and the MCR has been updated to reflect the restrictions placed on the amount of Tier 2 and Tier 3 own funds in the regulations, and to allow for approved ancillary own funds.
- There have been small amendments to the calculations including discretionary benefits in Forms 1 to 5.
- The Index tab in each template has been left unprotected to enable insurers to break links to any backing spreadsheets. Please ensure all links in the underlying Forms 1 to 5 are broken before running the macro in the Form 6_Total template, and also that any links to backing spreadsheets in the Form_6_Total template are broken before submitting returns to the FSA.
If you have any queries on the updates please contact Paul Ellison – [email protected]