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PRU Sch 1 Record keeping requirements

PRU Sch 1.1G

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

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

3 Table


Handbook reference

Subject of Record

Contents of record

When record must be made

Retention period

PRU 1.2.37 R, PRU 1.2.38 R

Firm's assessment of the adequacy of its financial resources

(1) The major sources of risk identified in accordance with PRU 1.2.31 R

(2) How the firm intends to deal with those risks

(3) Details of the stress tests and scenario analyses carried out and the resulting financial resources estimated to be required in accordance with PRU 1.2.35 R

Not specified

At least 3 years

PRU 1.4.53 R

Prudential risk management and systems and controls

Accounting and other records that are sufficient to enable the firm to demonstrate to the FSA:

(1) that the firm is financially sound and has appropriate systems and controls;

(2) the firm's financial position and exposure to risk (to a reasonable degree of accuracy);

(3) the firm's compliance with the rules in PRU

Not specified

3 years, or longer as appropriate

PRU 7.3.20 R

Mathematical reserves

(1) The methods and assumptions used in establishing the firm's mathematical reserves, including the margins for adverse deviation, and the reasons for their use

(2) 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

PRU 7.4.17 R, PRU 7.4.19 R

Calculation of with-profits insurance capital component

(1) The methods and assumptions used in making any calculation required for the purposes of PRU 7.4 (and any subsequent changes) and the reasons for their use

(2) 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

PRU 7.6.23 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

PRU 7.6.56 R, PRU 7.6.57 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:

(1) the income, expenditure and liabilities arising from activities of the branch or branches

(2) the assets identified under PRU 7.2.20 R as available to meet those liabilities

Not specified

Not specified