The recovery calculation order for protection program is relevant for calculation of recoveries on either Non-Proportional Treaty or Facultative Outward Cedent’s Contracts. Recoveries from a proportional US Quota Share, albeit structured in a Program, are initiated as single OCC recoveries, described later.
Create Recovery Calculation Order for Protection Program # The Recovery Calculation Order could be created from the Protection Program or from the Find: Accounting Order Window.
Recovery Calculation Order created from the Protection Program: # Open up one of the created Non-Prop-Treaty/Fac Parts of the Protection Program.
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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.
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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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The SICS user interface was designed to be as user-friendly as possible. The look and feel of the interface continues to evolve to give you better dialogs and more advanced navigation features to help you through otherwise complex structures.
In order for this guide and the user interface to make sense, you should be aware of how SICS defines the term “Business”.
Business refers to the insurance policy and the information that goes into it, which includes quotes, agreements, offers, and declinations.
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In the following chapters, you can read more about each available field and functionality within Claims. Whenever you update a field within the claims, you may be required to enter a Claim Signature Note, provided your System Administrator has activated this functionality. Refer to Claim Description, Comments and Notes later in this chapter.
To Update a Single Claim: # Open the Claim which you want to update Navigate to the field which you want to update Go through the edit process, as described in the following chapters Mass Update Claim # SICS supports Mass Update of specific claim information based on a spreadsheet format The following fields can be included:
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The Business tab on the Business Properties window shows the information common for the business for all insured periods.
You cannot make changes until you click the Edit button, or the Edit Menu button for the section that you want to edit. Under Identification, you see Title, Business ID, Former ID, and Account Group.
Business Title: Title refers to the title you give the business.
Business Identifiers: Business ID refers to the SICS automatically generated number, or the number or name your company has given the business to uniquely identify it.
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You can assign people within your own organisation to be the main responsible person for a certain business partner and a certain task, e.g. accounting. If any issues arise with this partner related to accounting, everyone within the organisation would know whom to contact.
Open a business partner and click the Details tab. In the Properties display list, select Responsible Person. In the Responsibility/Responsible display list select Add Responsible Person in the pop-up menu.
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Report Conditions to Consider # In order to get the correct information when creating reports with claim information, there is at least one object you should consider including as a condition:
Claim Status Change Date - this condition limits the result output of all the different claim statuses a claim can have. Claims With or Without Bookings # A report query having objects from both the Claim Information structure and the Accounting Information structure, you must be aware that this kind of report will only show claims that have bookings.
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Facultative reinsurance agreements resulting from several cedents ceding the same objects can be more easily handled by use of a master agreement. The master agreement is used as a basis for quick set-up of these types of assumed businesses, as well as easy maintenance of them. The master agreement contains the information common to all of these businesses, including links (such as to the objects covered or to planned protections).
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SICS offers various Accounting Orders for automatic calculation and booking of figures on worksheets. Many of these orders are created in the same way and also they support much of the same functionality in finding what portfolio to include etc.
Create an Account Order # You create an Account Order from Find Accounting Order:
Click the Account Order display list and select New from the pop-up list or the Create New button.
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