| Calculation Rules button | Click the Calculation Rules button on the Navigation bar of an Outward Cedent’s Contract to see the Calculation Rules window. Here you can specify rules that pertain to calculation of this business. | Summary Level # The summary level section of the window lets you indicate the level at which you want to produce the Technical Account and the Profit/Loss Account. You have three different options. ...
Corresponding with Insured Period dates are buttons that indicate the business phases. These buttons indicate current status and history of a business. The Life Cycle of a business begins as Offer, or Renewal Quote Requested or New Quote Requested. If the business begins with a quote request, there can be a Decline to Quote, or the request becomes Quoted, and the quote can be Taken Up or Not Taken Up. If the business begins with an offer, it could be either New Agreement Offered, or Renewal Offered. ...
Reinsurance companies often cede business to an ‘internal’ reinsurer, e.g. to a company in the same corporation or in a joint venture. Each of the parties are in these cases a base company/user company. For example, a parent company buys reinsurance protection from one of its subsidiaries. On this treaty, the parent company is the cedent and the subsidiary is one of the reinsurer/retrocessionaires. In the subsidiary’s view, this treaty is an ‘internal’ assumed business. ...
The current version of SICS supports the RETACC, REBORD, RESETT, RECLAM and REDIAL message standards. RETACC and REBORD messages create bookings on Technical or Claim worksheets when processed. RESETT messages create remittance balances that are then paired against corresponding Technical or Claim balances. Only RESETT messages with a single group 2 records and a single group 3 records are supported. RECLAM and REDIAL messages can be imported into the SICS EDI Archive, but only for viewing purposes. ...
Sample reports are included on the SICS CD with the universes. The sample reports are there to show possible reports that can be created by a user, such as formatting, or objects needed to include in a report to extract certain information.
If you want the SICS to calculate the Loss Participation, the conditions must be defined. Refer to Deductible condition, type Loss Participation. Conditions must be equal for all Retrocessionaire’s (no special Reserve condition). Loss Participation is calculated according to the frequency defined on the conditions, but cannot be calculated more frequent than the Accounts. The Loss Participation is calculated on cumulated figures per Insured Period. The calculation of the Loss Participation amount is depending on the Loss Ratio and the fixed rates defined for Min/Max Loss Ratio. ...
Chaser Letter # SICS offers you to run an Account Orders to automatically produce documents for chasing up outstanding balances or overdue accounting documents. Create Cash Chaser Letter Order # The advantage with this order compared with the Billing Statement Order is that it can produce document for several Business Partners (Payment Partners) in same order. In addition it can be run as a batch job (Scheduled job) and you can set a parameter within the order to have the document automatically printed. ...
The FGU indicator on Individual claims allows you to indicate that Claim Accounting for the claim should primarily use the From Ground Up functionality. Refer to Claim From Ground Up Handling later in this chapter. The indicator is only available if your System Administrator has enabled the functionality. The default value depends on the type of participation of the business on which you are creating the claim, or the corresponding indicator on the Claim Program from which you are creating your claim. ...
SICS provides the possibility to produce JV messages from accounting orders and claims. These messages can then be sent between business partners without the need of an intermediary entity as required for LIMNET. Generating Messages from Accounting Order # The generation of EDI JV messages is achieved given three specific accounting orders: Retrocession Account, Facultative, and Treaty Outward. To access an accounting order: Open the Accounting folder on the SICS desktop and double-click the Order icon. ...