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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2012-12-13.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

INSPRU Sch 1 Record keeping requirements

INSPRU Schedule 1.1

1The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

INSPRU Schedule 1.2

It is not a complete statement of those requirements and should not be relied on as if it were.

INSPRU Schedule 1.3




Subject of Record

Contents of Record

When record must be made

Retention Period

INSPRU 1.2.20 R

Mathematical reserves

  • The methods and assumptions used in establishing the firm's mathematical reserves, including the margins for adverse deviation, and the reasons for their use
  • The nature of, reasons for, and effect of, any change in approach, including the amount by which the change in approach increases or decreases its mathematical reserves

Not specified

An appropriate period

INSPRU 1.3.17 R, INSPRU 1.3.19 R

Calculation of with-profits insurance capital component

  • The methods and assumptions used in making any calculation required for the purposes of INSPRU 1.3 (and any subsequent changes) and the reasons for their use
  • Any change in practice (in particular changes in those items which will or may be significant in relation to the eventual claim values) and the nature of, reasons for, and effect of, any change in approach with respect to those methods and assumptions

Not specified

An appropriate period

INSPRU 1.5.23 R

Long-term insurance funds

A separate accounting record in respect of each of a firm's long-term insurance funds

Not specified

Not specified

INSPRU 1.5.56 R, INSPRU 1.5.57 R

Branch accounting records in the United Kingdom

A record of the activities carried on from a non-EEA direct insurer's United Kingdom branch and, if it is an EEA-deposit insurer, from its branches in other EEA states including a record of:

  • the income, expenditure and liabilities arising from activities of the branch or branches
  • the assets identified under INSPRU 1.1.20 R as available to meet those liabilities

Not specified

Not specified