Ah, found it, from the 2005 model. This seems much more conservative than I remember, perhaps it has changed, or perhaps I have a bad memory
Safety Information SR20
Cirrus Airframe Parachute System (CAPS)
Deployment
The Cirrus Airframe Parachute System (CAPS) is designed to lower
the aircraft and its passengers to the ground in the event of a life threatening
emergency. However, because CAPS deployment is
expected to result in damage to the airframe and, depending upon
adverse external factors such as high deployment speed, low altitude,
rough terrain or high wind conditions, may result in severe injury or
death to the aircraft occupants, its use should not be taken lightly.
Instead, possible CAPS activation scenarios should be well thought
out and mentally practiced by every SR20 pilot.
The following discussion is meant to guide your thinking about CAPS
activation. It is intended to be informative, not directive. It is the
responsibility of you, the pilot, to determine when and how the CAPS
will be used.
Deployment Scenarios
This section describes possible scenarios in which the activation of the
CAPS might be appropriate. This list is not intended to be exclusive,
but merely illustrative of the type of circumstances when CAPS
deployment could be the only means of saving the occupants of the
aircraft.
Mid-air Collision
A mid-air collision may render the airplane infallible by damaging the
control system or primary structure. If a mid-air collision occurs,
immediately determine if the airplane is controllable and structurally
capable of continued safe flight and landing. If it is not, CAPS
activation should be considered.
Structural Failure
Structural failure may result from many situations, such as:
encountering severe gusts at speeds above the airplane’s structural
cruising speed, inadvertent full control movements above the
airplane’s maneuvering speed, or exceeding the design load factor
while maneuvering. If a structural failure occurs, immediately
determine if the airplane is controllable and structurally capable of
continued safe flight and landing. If it is not, CAPS activation should be
considered.
Loss of Control
Loss of control may result from many situations, such as: a control
system failure (disconnected or jammed controls); severe wake
turbulence, severe turbulence causing upset, severe airframe icing, or
sustained pilot disorientation caused by vertigo or panic; or a spiral/
spin. If loss of control occurs, determine if the airplane can be
recovered. If control cannot be regained, the CAPS should be
activated. This decision should be made prior to your pre-determined
decision altitude (2,000’ AGL, as discussed below).
Landing Required in Terrain not Permitting a Safe Landing
If a forced landing is required because of engine failure, fuel
exhaustion, excessive structural icing, or any other condition CAPS
activation is only warranted if a landing cannot be made that ensures
little or no risk to the aircraft occupants. However, if the condition
occurs over terrain thought not to permit such a landing, such as: over
extremely rough or mountainous terrain, over water out of gliding
distance to land, over widespread ground fog or at night, CAPS
activation should be considered.
Pilot Incapacitation
Pilot incapacitation may be the result of anything from a pilot’s medical
condition to a bird strike that injures the pilot. If this occurs and the
passengers cannot reasonably accomplish a safe landing, CAPS
activation by the passengers should be considered. This possibility
should be explained to the passengers prior to the flight and all
appropriate passengers should be briefed on CAPS operation so they
could effectively deploy CAPS if required.