You may handle formal changes to an agreement in a coherent and an accurate way by use of the SICS business amendments. They ensure that you for all terms and conditions always see the exact period for which they are valid. This and other amendment features allow your company to follow up also other administrative functions, such as accounting, in a correct and secure way. This chapter covers the general processes involved in recording and maintaining amendments. ...
If you have created claims on your business, SICS allows you to handle the Claim Accounting on Claim Worksheets instead of the general Technical Worksheet. The Claim Worksheet differs from the Technical Worksheet since it is specific to a single Claim, or Claims for a specific business. Worksheet validations will consider the bookings made for each claim. Also, the Claim worksheet may or may not be transferred to the ledger; whereas the Technical Worksheet is always transferred to the ledgers. ...
| Reserve Condition button | When a business agreement includes Premium and/or Loss Reserve conditions, the details of these conditions can be entered in the Reserves Conditions window. | Dependent on the Level-and Type of Business the conditions entered are for information only, or basis for further calculations performed, e.g. by a Retrocession Calculation order. When an Assumed Business and/or an Administration Business are placed from a Cedent’s Contract, they inherit Premium- and Loss Reserve conditions of the Cedent’s Contract. ...
The eMessaging module in SICS can process messages created by the LORS system in the London Market. The messages, for outwards business, are not ACORD messages, but can still be processed by eMessaging. They must be converted externally from the original EDIFACT versions into an XML schema that is superficially similar to the ACORD RLC message schema. This conversion is outside the scope of SICS. The following LORS message types are supported: ...
SICS gives the option of adding further information to your business partners that is specific for your company’s needs. If your system administrator has defined user-defined fields, you will see these on a tab on the business partner. SICS offers this feature for the following type of partner s: Business Partner Bank Person Third Party To enter user defined information for a business partner: Open the business partner. ...
Open the System Parameters Maintenance window to view and edit settings for EDI. Refer to EDI in the System Parameter Maintenance chapter of the System Administrator’s Guide for more information.
The recovery calculation excludes claim details that fall outside the scope of cover of the Outward Cedent Contract (OCC) or XL CA of Outward (XLCA). To follow up these uncovered amounts you can produce a deviation report after you have run a recovery calculation order. It displays all claim details that remain uncovered with the reason for not being recovered. The report is applicable for Recovery Calculation for Protection Program and Single OCCs. ...
If you want the SICS to calculate the Reserve, the conditions must be defined. Refer to Reserve conditions. Conditions must be equal for all Retrocessionaire’s (no special Reserve condition). Calculate Premium Reserves # Premium Reserve, if defined, is calculated according to the frequency defined on the conditions. The Premium Reserve cannot be calculated more frequent than the Accounts. If Premium Portfolio Withdrawal is defined the Premium Reserve booked for the Insured Period will be reversed when running the last Account of the Insured Period. ...
The original premium reserve calculation done when running the original premium reserve order is determined in the internal premium reserve condition of each respective insured period of a business. The unearned premium reserve calculation can be determined by the calculation rule settings on the order. If the option ‘Use Calculation option from Business Internal Premium Reserve Conditions’ is selected on the order screen, these settings are overruled by the unearned premium reserve settings in the internal premium reserve conditions of each individual insured period of a business. ...