SICS lets you define information about risks relating to objects in a business, and link those risks to the insurable object(s) they cover.
You can access cessions:
By double-clicking the Cessions icon in the Insurable Objects folder in the SICS desktop From the Business Properties window of the business to which the cession is attached From the Insurable Object Properties window of the insurable object to which the cession is attached Handle Cession from the Desktop # | Cessions icon | Double-click the Cessions icon in the Insurable Objects folder to see the Find: Insurable Object Cessions window.
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Reinsurance companies sometimes writes contracts which have insured periods consisting of several years. Contractually, a multi-year contract is one insured period with only one underwriting year and most terms and conditions are the same for the entire insured period. Sometimes however some terms and conditions differ per sub period within the insured period.
SICS allows registration of multi-year contracts and offer an effective maintenance of these.
Establish Multi-Year Contract # Open an existing business and select the Life Cycle tab From the menu button select Transform To Multi Year Contract.
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When you are looking for partners with which you want to do business, SICS can help you identify those companies that write the specific class of business and are approved to do so in the area in question.
Approve Partner for Countries # You can register the countries in which your business partners are allowed to write insurance. This information is crucial when you are trying to obtain coverage in certain countries.
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A cedent’s contract (inward) in SICS is the 100% agreement seen from the reinsurer’s point of view. It is meant for grouping multiple shares in the same contract. It may include both internal and external companies' participation.
Create Cedent’s Contract # To create cedent’s contract from scratch or to copy from an existing cedent’s contract, see chapters Create New Business and Copy to New Business for description.
Create Cedent’s Contract from Business # Create a new cedent’s contract and automatically link the source business to the contract.
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The Message View window that you see varies de_pending_ on the type of the message, the bureau, and the status. Although the window will vary, the following tabs are always there:
Highlights
This tab shows important information extracted from the message or related SICS information that was referenced. For LIMNET messages, the user can specify what business, broker, claim, accounting classification / section or what Our Sequence Number to use during the creation of the worksheet.
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Automatic creation of a corresponding worksheet for Paper Provider # When a Technical or Claim worksheet is closed for a MGU Business, system automatically creates and close a corresponding worksheet for the Paper Provider.
Both worksheets are displayed on the Business Ledger of the MGU Business.
In addition it will automatically be calculated and booked a net MGU Commission amount, Paper Fee and RI Brokerage when recorded on the MGU Frame Agreement.
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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 protection might be placed through an intermediary, or it can be placed directly to a retrocessionaire. The 100% conditions will be inherited, with the ability to create special conditions per retrocessionaire. Refer to Enter Special Conditionson page 7-111 in this chapter for more information.
The Outward Cedent’s Contract and the belonging Retrocessionaires must have the same cedent(s). The same applies for XL CA Of Inward and XL CA Of Outward and their placements.
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In Proportional Retrocession Accounting, documents are produced from the Retrocession Account order. The following document types apply:
Statement of Account Technical Accounts Profit/Loss Account Loss Participation Statement Sliding Scale Commission Statement Cash Claim Request The Profit Loss-, Loss Participation- and Sliding Scale Commission documents can be produced if conditions and account frequency apply.
Cash Claim Request documents can be produced if Retrocession Account order is run with the check box Items Included - Cash Claim selected when Cash Claim booking details are processed.
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