When you receive a claim advice, the first thing you do usually is check if the claim is already registered in SICS or if you must create a new claim. If you are not sure of which business the claim affects, you can use the Find Claims feature. The Find Claim feature allows you to search for existing claims in the system by using numerous extract criteria. The search criteria and result columns that are available in the Find Claims window partially depends on your access rights. ...
For each account to be run for an Outward Cedent’s Contract (OCC), a Retrocession Calculation order has to be created. The following processes are performed when running the order: Preliminary (‘OCC as original’) bookings, not previously included in an account, are transferred and booked on the business ledger of the OCC in booking currency. If defined on the OCC, Entry Codes and/or Currencies and/or Classification Types are transformed before the business ledger in booking currency is updated. ...
If you want the SICS to calculate the Deductions, the conditions must be defined. (Ref. chapter Handle Deduction Conditions.). Conditions may be equal for all Retrocessionaire Participations (RP’s) or one or more of the RP’s may have special Deduction conditions entered. Calculate Commission # Commission, if defined, is calculated whenever you run the Retrocession Calculation order. Available calculation methods are; None No calculation of Commission is performed. Original All bookings with Entry Codes within the Entry Code Sub Category Original Commission are multiplied with the Share of the RP. ...
This section handles information regarding the Former Identification, some Accounting options, EDI information and the Reporting Classifications of your business. The Reporting Classifications you will only have available if your System Administrator has set up the system this way. When dealing with outward business, you have some different options such as Active Indicator, Placement Completed and Reinsurance Category. Maintain EDI Information on Insured Periods # You can create and view EDI information connected to an insured period by clicking the Edit Menu button in the Insured Period tab on the Business Properties window and selecting: ...
If you want the SICS to calculate the Deposit, Interest and Tax on Interest, the conditions must be defined. Refer to Handle Deposit Conditions. Conditions may be equal for all Retrocessionaire’s Participation’s (ORP’s)or one or more of the ORP’smay have special Deposit, Interest and/or Tax on Interest conditions entered. Calculate Premium Deposit # Premium Deposit, if defined, is calculated according to the Premium Deposit regulation defined on the condition. The Premium Deposit cannot be calculated more frequent than the Accounts. ...
SICS offers to maintain Collateral on a “reinsurer by reinsurer” basis, where the collateral is established for a non-admitted reinsurer’s entire participation across potentially multiple outward agreements. The business partner Collateral include: Letter of Credit Trusts Funds Held Letter of Credit # SICS lets you register information about Letter of Credit. Find and open the Business Partner you want to enter Letter of Credit for. You see the View Business Partner window. ...