| [SICSR-15279] OCC when Renewed subsequent renewal year, doesn’t not keep previous Retention from life light policies (on the life of same Insured Person ) with overlapping attachment dates | |
|---|---|
| Product Line: | Cede |
| Component/s: | Business Protection Assignments |
| Affects Version/s: | SICS 4.9.1 |
| Fix Version/s: | SICS 4.9.4 |
| **Issue Links: ** | duplicates SICSR-11129 |
| Customer: | Milli Re |
| External Issue ID: | MILI-1112 MILI-1801 |
Problem:
Multiple Life Light Policies on same Insured Person can have different attachment periods with colliding dates/overlapping dates. In such a case OCC applies retention on policies keeping in view retention for the previous policies till complete retention/UTL limit gets exhaust/utilized and then starts retroceding.
But this retention functionality in SICS Cede is limited to same Treaty OCC Year/UW year only.
In case where the outward/retrocession treaties are renewed every year (as in the case of Milli Re Retrocession Treaty, OCC needs be renewed every year), here the Protection (both Manual and MBAP) doesn’t check policies pertaining to previous year and also neither checking nor keeping the retention (retained amount) in previous year. The Protection just keeps the retention amount entirely available in the renewed Treaty Year/ Treaty UW year and applies this retention fullt to life light policies with attachment start dates this year.
Solution:
Calculate overall remaining capacity using all policies valid at the date regardless of original uw year.
Requested functionality works for Non LIfe Policies and RUG.
Workaround:
Root Cause:
Extent of Impact:
Impact on Existing Data
Recovery Method for Existing Data Affected