/tags/v4.8/ Recent content in v4.8 on Hugo -- gohugo.io /sicsdocs/user_guide/pc/business_life_span/find_business/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/business_life_span/find_business/ You may have received a new offer that should be recorded and need to check that it is not already in the system, or you want to find an existing agreement that you need to update. Whatever the reason might be, the starting point of underwriting functions is typically finding a business. The Find Business feature in SICS offers a variety of searches, all from quick searches for specific businesses to more advanced searches. /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_prop_occ/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_prop_occ/ How the Period Estimates on Proportional OCCs are populated, depends on Multi GAAP system parameter Period Estimation Calculation on Prop Outward Contracts A: When system parameter Period Estimation Calculation on Prop Outward Contracts is cleared The Period Estimates on a Proportional OCC are fed by the estimations of the protected Assumed Business. You get an overview of these estimations on the Period Estimates tab of the Proportional OCC. (Click the button on the Navigation bar of the OCC to access the Underwriters Estimates window. /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/introduction/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/introduction/ The estimation bookings made on the Assumed Business are automatically transferred to the OCC as Original bookings. This is normal SICS functionality. In addition to this you can make adjustments to the estimations that come from the Assumed Business. These adjustments can be made at the OCC and at the Retrocessionaire level. This works only for Proportional OCC’s. Non-Proportional OCC’s has no direct connection to Assumed Business. Consequently there are no estimation bookings that are transferred automatically to the Non-Proportional OCC’s. /sicsdocs/user_guide/pc/mg_acc/introduction/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/mg_acc/introduction/ The estimations at the portfolio and business level are usually booked when preparing the book closing. An automatic calculation order called “Multi GAAP Accounting Order” does the booking of the estimates. The order does two things: Books the estimates either on the business or portfolio ledger depending on where the estimates are entered. The booked estimates are also created as status As original on the ledger of an OCC if the business or portfolio program is connected to a Proportional OCC. /sicsdocs/user_guide/pc/non_prop_retro_ceded_accounting/np_recovery_system/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/non_prop_retro_ceded_accounting/np_recovery_system/ SICS lets you automatically calculate Recoveriesby using the Non-Proportional Recovery System. Recoveries can be calculated on following levels: Protection Program, Single Outward Cedent’s Contract, XL CA Of Outward and Non-Proportional Facultative Protection. A simplified recovery calculation can also be made for proportional treaty Outwards Cedent’s Contract of type US Quota Share. For Single OCC’s and OCC’s being linked to a Protection Program, system also calculates recovery on Sub Sections. The system will calculate recovery on the lowest Sub Section level of the OCC that matches the inward claim’s scope of cover. /sicsdocs/user_guide/pc/bp/find_bp/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/bp/find_bp/ When you want to update a business partner or check if it already exist before registering a new one, you use the search functionality. Search for Business Partner by Name # Select the Partners icon on the SICS desktop. Select the Business Partners icon. You see the Find Business Partners window. On the Name tab, in the field Name, enter the name of the business partner you are looking for, or enter part of the name. /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_non_prop_occ/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_non_prop_occ/ With respect to premiums, deductions, or any other items, a Non-Proportional OCC has no connection to Assumed Business. Estimations therefore cannot be driven from the estimations of any Assumed Business. To enter estimations on a Non-Proportional OCC follow the same procedures as for an Assumed Business. Note that it is not possible to attach an OCC to a Portfolio Program and therefore no default Period Estimates can be used to calculate the estimates. /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_prop_treaty_retro/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_prop_treaty_retro/ The Period Estimate functionality on Proportional Treaty Retrocessionaires depends on Multi GAAP system parameter Period Estimation Calculation on Prop Outward Contracts A: When system parameter Period Estimation Calculation on Prop Outward Contracts is cleared The Period Estimate tab on a Proportional treaty Retrocessionaire looks and works much like the one on a Proportional OCC. The only difference is that the estimates are collected from the business ledger of the Retrocessionaire. Figures marked ‘As Booking’ are shown on this tab. /sicsdocs/user_guide/pc/structure_multiple_contracts/contracts_by_cedents_prog/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/structure_multiple_contracts/contracts_by_cedents_prog/ Underwriters most often see reinsurance contracts from the same cedent and covering the same portfolio as one program. What type of SICS program your company chooses to use, reinsurance program or cedent’s program, depends on your company’s requirements: Some prefer to maintain most information on the program level to have a strict control of that the belonging treaties are synchronized with the program. If this is a priority, please see the chapter Design Reinsurance Program. /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_non_prop_treaty_retro/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/maintain_mg_estimates/retrocession/period_estimates_on_non_prop_treaty_retro/ The Period Estimate tab on a Non-Proportional treaty Retrocessionaire looks and works much like the one on a Non-Proportional OCC. The estimated amounts are either calculated as the Period Estimate on the OCC multiplied with the Retrocessionaire’s share, or calculated directly on the Retrocessionaire. The method can be specified for each Estimated Item. If the flag “Calculation on Retrocessionaire” is selected in the Period Estimation Rule, the item is calculated directly on the Retrocessionaire. /sicsdocs/user_guide/pc/agreem_terms_and_conditions/inherit_conds/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/agreem_terms_and_conditions/inherit_conds/ Inherit Conditions on Business Sections # A business can be divided into section s, cessions and declarations, and each of them can inherit business conditions and classifications The condition information that is inherited is information entered or edited on the main section of the business. For example, if you create a section of a business that inherits Deduction conditions, when the Deduction conditions are updated on the main section where they were defined, inherited Deduction Conditions are automatically updated. /sicsdocs/user_guide/pc/business_life_span/section_business/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/business_life_span/section_business/ An agreement can be split into two or more sections. A section can be further split into sub sections, which again can be split into sub, sub sections, etc. An agreement/section can also be split into cessions and declarations (cession without insurable object). A cession can be split into declarations, but declarations cannot be split. Get Overview of Sections, Cessions and Declaration # Get Detailed Overview # When you click Structure tab on the business, you see the Section Overview window. /sicsdocs/user_guide/pc/appendix_non_prop/recovery_calc_indexation_calc_mult_base_index/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/appendix_non_prop/recovery_calc_indexation_calc_mult_base_index/ Recovery Calculation with Indexation - Calculation when multiple base index # Index clause UK Cost Index - Base Index Date 01/01/2011 - Contractual Base Index 100 Standard index - cover increases - payments Limit: 400,000 xs 100,000 UK Cost index Date Value Conversion factor 01.01.2011 100 1.0000 01.01.2012 110 1.0000 01.01.2014 120 1.0000 01.01.2014 100 1.2000 01.01.2015 110 1.2000 01.01.2016 120 1.2000 Contributing details - one recovery claim As of date Due date Entry code Nom amt Index point Ind adj amt 31. /sicsdocs/user_guide/pc/agreem_terms_and_conditions/share_cond/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/agreem_terms_and_conditions/share_cond/ Share Conditions button Share conditions in SICS refer to the part of the reinsurance contract that specifies the portion (often referred to as the line) that a reinsurer assumes in a contract. These shares are among the most important terms in any agreement and play a central role in many administrative processes. In SICS, they are used extensively-from calculating each party’s share of premiums and claims to determining retrocession percentages. /sicsdocs/user_guide/pc/maintain_mg_estimates/estimates/loss_development_patterns/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/maintain_mg_estimates/estimates/loss_development_patterns/ Losses within the same category often develop in similar ways over time. Specific patterns of loss development can help the underwriter to e.g. calculate IBNR reserves. Loss Development Pattern selected on Portfolio Program is inherited to linked Assumed Businesses. Inherited Loss Development Pattern can be overridden on Assumed Businesses - values can be changed or a completely different Loss Development Pattern can be selected. Register Incurred Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Incurred Development Curve subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register Paid Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Paid Development Curve subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register a second Incurred Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Incurred Development Curve 2 subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register a second Paid Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Paid Development Curve 2 subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Your system may have been set up to automatically update Loss Development Curves whenever an update is made in system parameters. /sicsdocs/user_guide/pc/non_prop_retro_ceded_accounting/produce_deviation_reports/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/non_prop_retro_ceded_accounting/produce_deviation_reports/ The recovery calculation excludes claim details that fall outside the scope of cover of the Outward Cedent Contract (OCC) or XL CA of Outward (XLCA). To follow up these uncovered amounts you can produce a deviation report after you have run a recovery calculation order. It displays all claim details that remain uncovered with the reason for not being recovered. The report is applicable for Recovery Calculation for Protection Program and Single OCCs. /sicsdocs/user_guide/pc/non_prop_retro_ceded_accounting/reinstatement_prem_calc/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/non_prop_retro_ceded_accounting/reinstatement_prem_calc/ SICS lets you automatically calculate Reinstatement Premium for your non-proportional Outward Cedent’s Contracts or XL CA Of Outward. The automatic calculation of a Reinstatement Premium is based upon Reinstatement Conditions, Recoveries and Premiums. If Recovery Bookings created via the Recovery Calculation Order have been created on a sub section of an OCC, the system will calculate and book reinstatement premium on the same sub section. Reinstatement Conditions # Click the Reinstatement Conditions button to see the Reinstatement Conditions window. /sicsdocs/user_guide/pc/agreem_terms_and_conditions/rebate_cond/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/agreem_terms_and_conditions/rebate_cond/ | Non-Proportional business Rebate Conditions button | Click the Rebate Conditions button to see the Rebate Conditions window. This is where you record the No Claim Bonus and other Rebate conditions that were part of a non-proportional treaty, proportional direct or proportional facultative business. | Maintain No Claim Bonus # By the SICS rebate conditions, you may maintain terms and conditions regarding the discount in premium that the cedent receives for making no claim. /sicsdocs/user_guide/pc/agreem_terms_and_conditions/index_clause_cond/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/agreem_terms_and_conditions/index_clause_cond/ 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. /sicsdocs/user_guide/pc/agreem_terms_and_conditions/itb_cond/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/agreem_terms_and_conditions/itb_cond/ | Inuring to Benefit Rules button | The Inuring to Benefit Rules button appears only on Non-Proportional Outward Cedent’s Contracts and on Proportional US Quota Share. These conditions are mandatory in order to be able to use the Non-Proportional Recovery System (explained in the Retrocession Accounting chapter)to its full extent. The links that are created to a Program Section or OCC from this condition indicate where unrecoverable losses on this Non-Proportional Outward Cedent’s Contract or US Quota Share OCC are considered for possible recovery. /sicsdocs/user_guide/pc/claims/find_headline_loss/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/claims/find_headline_loss/ When you want to link a claim to a Headline Loss, or when you want to register a new Headline Loss, the first step would normally be to search amongst the existing Headlines. SICS allows you to use numerous extract criteria, to facilitate this search. Some possible searches are described below. Search for Headline Loss by Identifiers, Name and Dates # Open the Find Headline Loss window from the SICS desktop. /sicsdocs/user_guide/pc/claims/maintain_headline_loss_location_classif_and_references/ Mon, 01 Jan 0001 00:00:00 +0000 /sicsdocs/user_guide/pc/claims/maintain_headline_loss_location_classif_and_references/ When the headline loss has been created, you can register additional loss information such as location, risk zone indicator, classification items, and headline loss references. Edit Headline Loss Location and/or Risk Zone # The Headline Loss location is optional information, but when recorded all linked claims will be validated against this. The Area of Jurisdiction and Risk Zone are purely informational. In Find Headline Loss, retrieve the Headline Loss for which you want to record or edit a location.