When bookings are created on the as Booking ledger when running the Retrocession Calculation order AND the Use VAT Calculation flag is set on the Insured Period of the OCC (only possible if the system parameter VAT Calculation based on EC Groups is selected), the system will also calculate VAT for all Entry Codes applicable to VAT. The bookings will be automatically done; and will always be on Net Basis, i. ...
The Claim Status and sub status indicate whether further financial movements are expected, and allowed, on the claim. On the claim’s Section Specific tab you find the Status Information section. SICS allows you to view the status history by navigating on the date of change. You can change the status information either by creating new information. You can choose if you want to modify the status for the current claim section only, or to modify all sections of the claims simultaneously. ...
When you enter into a commutation agreement with one or more of your non-proportional retrocessionaires, SICS automatically calculates the balances due. In order to calculate, the system requires the following: The Retrocessionaire has been marked as “To Be Commuted” for all relevant insured period with a commute per date. Refer to Handle Business Life Span. The Commutation condition is registered for all relevant Insured Periods. Refer to Handle Terms and Conditions. ...
When you enter into a commutation agreement with one or more of your proportional/non-proportional Retrocessionaires, SICS automatically calculates the balances due. In order to calculate, the system requires the following: The Retrocessionaire has been marked as “To Be Commuted” for all relevant insured period with a commute per date. Refer to Handle Business Life Span. The Commutation condition is registered for all relevant Insured Periods. Refer to Handle Terms and Conditions. ...
Deductibles Conditions is where you define terms and conditions for amounts that the reinsurer can deduct from a loss. This is often necessary for offer or quote request evaluation, and for accounting purposes. These are available for proportional treaties only. Deductibles conditions button When you click the Deductibles Conditions button you see the Deductibles Conditions window. Select either Loss Participation or Loss Corridor from the drop-down list in order to see the Loss Participation or Loss Corridor window, where you define belonging conditions. ...
A US Quota Share treaty is a proportional protection where claim recoveries are calculated based on individual claims or headline losses; i.e. with a claims handling similar to non proportional treaties (ex A). The protection allocation towards a US Quota Share will NOT vary depending on assumed liability and available protection - it is always set to ceded (QS) %. Claims created on the inward business insured period will inherit the policy US Quota Share Protection. ...
The Claim Disposition and Subdisposition are used to indicate the Claim’s Life Cycle Phase, and will determine whether bookings for Loss Payments can be made, and also whether bookings can be transferred to ledgers. On the claim’s section specific tab you find the Disposition Information section. SICS allows you to view the disposition history by navigating on the date of change. You can change the disposition information either by creating new information, or by editing the existing information. ...
The Profit Commission window is where you define conditions that apply to the amount to return to the cedent based on the profit generated by the ceded business. The Profit Commission calculated when running the Proportional Retrocession Calculation Order is calculated on an overall level. If bookings are made on different Accounting Classifications, the overall Profit Commission calculated will be split and booked on the different Accounting Classifications proportionally of the Premium booked for the Insured Period of the Accounting Classification. ...
Recovery Calculation for Aggregate XL / Stop Loss - protecting net figures for a specific portfolio # Protection of the cedent’s net loss for a portfolio during a specific period (typically a year). Figures are calculated based upon net result of bookings created at assumed business and retrocessionaires at entry codes defined under Entry Code Groups From Ground Up Paid and From Ground Up Reserve. From ground up figures are calculated by accumulating inward and outward claim bookings for the protected portfolio. ...
Tables can be created for transferring of data to the General Ledger. This is done in the Transfer to General Ledger window. Refer to Transfer to General Ledger in the System Administrator’s Guide for more information.