Normally, the retroceded figures are distributed to the Retrocessionaire Participations according to the RP share registered on the newest Effective Period within the Insured Period. In some situations, it is necessary to use the share registered for multiple Effective Periods e.g. when a RP ends the participation during an Insured Period and the corresponding share percentage is recorded for a new RP/increased for an existing RP. Distribution of RP figures to the various Effective Periods is dependent on the system parameter Distribute RP Figures on Multiple Effective Periods being active.
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Index clauses are only available for non-proportional business. These conditions allow you to record how the contract is indexed and stabilised.
You can also record information about which claims and the part of the claim figure that the index should apply to. The index clause enables you to indicate that claims shall be indexed. The index clause can be recorded on the main section of the business and will be inherited to all sub sections, or it can be recorded directly on a sub section.
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This section is only relevant for you when your company decides to use the Insurance Premium Tax condition. Refer to section Handle Insurance Premium Tax Condition for more details about the Insurance Premium Tax condition.
Book Insurance Premium Tax # You can book the Insurance Premium Tax in four different ways. All of them, except for manual booking on a technical worksheet, require that the Insurance Premium Tax details are pre-entered for the business.
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The calculation of drop is available for both Treaty and Fac Non-Proportional OCCs.
Protection Program Cover Excess AAL Reinst. Exh. Drop OCC1 100,000 100,000 150,000 No OCC2 300,000 200,000 300,000 Yes OCC3 500,000 500,000 500,000 Yes ITB rule for Reinstatement Exhausted has been defined on OCC1 - pointing to OCC2, and OCC2 pointing to OCC3.
The Claim Condition of OCC2 and OCC3 indicate that Reinstatement Exhausted should Drop
Inwards Claims Bookings
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The Claim Review and Update information fields allows you to record when you were advised of the claim, when you last reviewed it, and when you plan to review it next. In addition the claim “footer” will always display when and by whom the claim was created, and last updated.
You find the claim’s review and update information fields on the Section Specific tab, and the entry fields are also accessible through the various claim wizards (The entry fields are initially created in the wizards).
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Maintain Inclusions and Exclusions # Define the clauses that apply to, and clauses that are excluded from, a given business.
Open your business Click the CL (Clauses) button in the navigation bar In the in the Available list of General Clauses, select the clause that you require. Click > . Type in Special Clauses included, if you require. In the Available list of the Exclusion Clauses, select the clause that you require.
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This section is only relevant for you when your company is writing direct policies in countries where Insurance Premium Tax is applicable, and when your company decides to capture details about each Insurance Premium Tax rule within SICS under Country Deductions.
When this is the case, you can in addition to the Insurance Premium Tax from the Insured also handle the booking and payment of the Insurance Premium Tax to the Tax Authority within SICS.
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The Insured Based Protection tab on the Accumulation Control for Insured window lets you monitor the business with limits, premiums and claims going into the Protection Program(s). See Handle Business Insurables and Protect Business Reinsurance for more information.
Details tab: The business details are listed as per Date of Calculation. The system extracts all business from this Insured with Insured Period starting on or before the Calculation Date. By default, only Definite businesses are extracted.
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Calculate Portfolio based on source business’ premium detail when OCC Claim Basis ‘Losses Occurring’ # When OCC ‘Claim Basis’ is Losses Occurring’, premium booking coming from source business (e.g. Assumed Business) having an Accounting Period - To which is beyond the Insured Period of the protecting OCC, will be basis for a Portfolio Withdrawal/ Entry booking made on the outward business ledgers ‘as Booking’.
A Portfolio Withdrawal will be booked on the current Insured Period and a Portfolio Entry will be booked on the next open Insured Period.
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There is a possibility in the system to capture and calculate Additonal Case Reserves (ACR) for assumed claims, giving the estimated development of headline losses. To monitor the corresponding net loss, we provide the possibility to include ACR in recovery calculation.
The calculation is on top of actual incurred loss, and is booked to the Outward Claim and distributed to the retrocessionaires according to their share.
The inward ACR / ACR expense must be booked to an inward claim linked to a Headline loss, Risk loss or single Claim (incl.
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