The business partner conditions are conditions that are valid for certain types of business accepted from (or through) a partner. These conditions can be recorded on the partners, and will be reflected on business involving the partner.
The business partner conditions include:
Credit Terms Brokerage Frame Agreement Tax on Interest Maintain Credit Terms # Credit terms are the agreed number of days of credit before a settlement has to be made by your business partner.
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| Deposit Condition button | When a Business agreement includes Premium- and/or Loss Deposit conditions, you enter the details of these conditions in the Deposit conditions window. To open the Deposit conditions window, click the Deposit Conditions button on the Navigation bar. |
Dependent on the Level- and Type of Business the conditions are for information only, or basis for further calculations performed, e.g. by a Retrocession Calculation order.
(For information about each calculation method and how the Premium-and Loss Deposit are calculated for Outward Cedent’s Contract and Retrocessionaire' Participation Proportional treaties, refer to Calculate Deposits section.
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Some times the reinsurance agreement states a certain sequence in which it should be applied as compared to other reinsurance agreements. An excess of loss treaty may, for example, be net after all proportional protections, (which means it is a protection of the cedent’s retention). A quota shares treaty may be net after all other protections, which means both after other proportional and non-proportional agreements. SICS allows you to indicate these sequences and related information.
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As well as receiving ACORD RLC messages, SICS can create and send such messages. At present, it can create
Acknowledgements Settlements TechAccounts for Outwards business Claim Movement for Outwards business Other message types may be added in future.
When sending messages other than acknowledgements, the ACORD standard requires you to receive an acknowledgement back, and SICS now supports this requirement.
Life-cycle status # Just as incoming messages have a sequence of messages statuses they go through, so do outbound messages.
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To produce recovery documents, go through these steps:
Select Produce Documents from the Edit Menu. Following window appears dependent on which recovery order you are producing documents for: for Protection Program: Select Protection Program Sections to Produce Documents window appears. Recovery Calculation for Single OCC: Select Outward Cedent’s Contracts to Produce Documents window appears. Recovery Calculation for XL Fac: Select Assumed Businesses to Produce Documents window appears. Define the worksheets that should be considered in the document production by selecting As of Date or Due Date From - UpTo.
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Renew Business Manually # As mentioned earlier, you can renew an existing business by selecting Renewal on the Edit Menu button of the Life Cycle tab in the Business Properties window. You see the Renewal of Business wizard, which is similar to the Create New Businesswizard, which takes you step by step through the process of recording renewal information.
You can select to have the renewal wizard presented in a ‘next page’ style or a ‘scrollable page’ style, where the latter presents terms and conditions all in one page.
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Exchange rate conversion is not done properly # Example # When running a report the conversion is not done using the correct rates.
Solution # There is a column named TO_TIME_STRING in the EXCHANGE_RATE table. The purpose of the upgrade procedure explained in this chapter, is to populate this column with correct values. If this upgrade process is not carried out - you will experience wrong exchange results in reporting.
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If you want the SICS to calculate the Deposit, Interest and Tax on Interest, the conditions must be defined. Refer to Handle Deposit Conditions. Conditions may be equal for all Retrocessionaire’s Participation’s (ORP’s)or one or more of the ORP’smay have special Deposit, Interest and/or Tax on Interest conditions entered.
Calculate Premium Deposit # Premium Deposit, if defined, is calculated according to the Premium Deposit regulation defined on the condition. The Premium Deposit cannot be calculated more frequent than the Accounts.
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The claim classification items give further details of both the loss characteristics, as well as the business characteristics. Since the combined information is recorded on the claim, you will have a better foundation for reports and for extracting from online claim lists including Find Claims.
The classification items are split into the Section Specific Classifications and the Claim Classifications. They can be created and edited in the Claim wizards, or on an existing claim.
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