Prudential Regulation Authority Rulebook

List of life insurance product reporting codes

This appendix sets out how the PRA expects firms to derive the data item ‘product ID code’ C0010 in template S.14.01 as a 3 character string.

Notes on product categories

Whole life and endowment – regular premium business only – includes policies made ‘paid-up’ – excludes single premium bonds which are technically whole of life.

Single premium bond – includes ‘investment bond’ and ‘with-profits bond’.

Individual defined contribution pensions – pensions savings before retirement, excludes deferred annuity buyouts, but contract may be written as deferred annuity with-profits, endowment with-profits, UWP or UL. Individual means there is no employer involvement.

Workplace defined contribution pensions – covers ‘group pensions’ where the group is the employer and the insurer has a separate record for each employee covered, which may include employer contributions. The firm calculates liabilities at member level.

Corporate pensions – covers trust based pension arrangements where the insurer does not hold separate records for individual employees. The insurer normally just provides investment services, and the records of benefits are maintained by the trustees or another party. The firm calculates liabilities at scheme level.

Miscellaneous protection – these categories are for types of protection which do not fit within the named protection categories, e.g. long term care.

Bulk purchase annuity – this is for annuity liabilities arising from occupational pension schemes including where members hold individual policies after winding up of the scheme.

All reinsurance refers to reinsurance accepted. Reinsurance ceded is not reported in S.14.01.

Abbreviations