When selecting the estimation currencies you usually select the main currency from your base parameters. In most cases this is the EPI. But you also have to be aware of the (future) accounted figures. There is no currency conversion on the Multi GAAP Accounting order. But it is possible to select a check box on the order screen that enables the order to calculate accruals for all currencies. This means that if a currency does not have any estimated values, the calculated accruals for a non-estimated currency will be equal to the technical bookings for that currency.
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You can remove Assumed Business from the Attached Business window on a Portfolio program.
Select the Assumed Business section from the Attached Business list. Select Delete from the pop-up menu. This will not have any automatic effect on the estimates or bookings of the Assumed Business or the Portfolio Program.
When adding or removing business linked to a Portfolio Program you need to refresh the estimates.
To update the estimates of the Portfolio Program sections go to the Period Estimates tab on the Underwriters Estimates window and switch to edit mode.
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A calculation order called “Multi GAAP Accounting order” does the booking of the estimates figures. The order does two things:
Books the estimates either on the business or portfolio ledger depending on where the estimates are entered. The estimate is always booked with the Estimate indicator set. The booked estimates are also created As original on the ledger of an OCC if the business or portfolio program is connected to a Proportional OCC
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SICS allows you to use the Protection Assignment function also for Portfolio Programs. You do this in the same way as when Assumed Business is linked to a Protection Assignment.
The Portfolio Program window has a PP-button for Proportional Protection Assignment. By clicking this button on the Portfolio Program, you can assign Outwards Cedent Contracts or Own Retention in the same way as for ordinary Assumed Businesses. For more information, refer to the SICS User Guide.
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In the Account orders on the SICS desktop, there is an order with the type Estimation Calculation called Multi GAAP Recalculation order. The purpose of this order is to update the estimates that can be found on the Period Estimates tab on Assumed Business, Portfolio Program, OCC and Retrocessionaire’s. The order can also create new Period Estimates on Assumed Businesses, OCCs and Retrocessionaires. This order is very useful if the estimate figures on the Period Estimates tab are coming from a calculation rule using, for example, the EPI as the basis for the calculation.
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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.
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The purpose of this order is to calculate the difference between the booked estimated values and the accounted figures. The calculated difference is booked as accrual. If the accruals of the Assumed side is not transferred to the retrocession side by the Retrocession Estimation Calculation order the Multi GAAP Retrocession order must be run in order to get accruals calculated.
The Multi GAAP Retrocession order will perform the following:
It books the estimates in the Period Estimates tab on the Non-Proportional Retrocessionaire’s “as Booking”.
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The Structure tab of the Portfolio Program window gives you an overview of the existing sections for the selected insured period. You can navigate from section to section by double-clicking in the selected line. If you want to see the attached business, you must click the Attached Business button.
You can also navigate from the Assumed Business to the Portfolio Program. Click the Portfolio Program button in the Navigation bar of an Assumed Business and the Portfolio Program window opens.
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Estimation Complete Mass Update # When closing of specifically selected Estimation Items has been set in the Multi GAAP system parameters, The Periodic Function, Estimation Complete Mass Update functionality can be used to perform the closing.
To get access to the Estimation Complete Mass Update functionality, the correct User Role must be assigned to the user who is about to perform the closing. This is done in the Security functionality.
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The purpose of this order is to book the Period Estimates on the business ledger of Proportional OCCs and Retrocessionaire’s. The function takes into account that the estimated figures and the accounted figures may be in different currencies and / or for different accounting periods (Accounting From Date, Accounting To Date).
The Retrocession estimation calculation order will perform the same calculations as a normal Retrocession calculation order:
It uses the estimates from the Assumed Business to update the Proportional OCC and the Retrocessionaire’s with estimates.
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