On facultative reinsurance business, one of the business partners is the insured. This has a direct relationship with the cedent, but normally not with the reinsurer. Such companies are defined as third parties in SICS. In general, the system handles third parties the same way as business partners. It does however not require as much information and it has some restrictions, like not being able to have a business partner ledger. ...
For claims affecting life and health reinsurance contracts specific information needs apply. If you use the Life and Health functionality, you can capture this information in Claim Properties, Life and Health tab. You can enter the information when creating a new claim or after the claim has been created. Edit Life and Health Details # Open the claim for which you want to add or edit Policy ID and/or Insured Date of Birth information. ...
This option is only enabled when you make a manual claim booking on Outward Cedent’s Contract. Relevant when the OCC has more than one base company and you want to establish a link to the original base company that the claim booking applies to. Link can only be established to base companies assigned to the OCC. In your Claim worksheet, select a ledger currency or select Add Currency from the pop-up menu in the Currency display list to add a currency Select Link OCC Base Company from the menu. ...
When you have run an automatic recovery calculation for an Outward Cedent’s Contract (through the protection program), or for a stand-alone Outward Cedent’s Contract, SICS provides you with an overview of the source claim bookings. This overview gives you details about the assumed claims and businesses involved in creating the outward recovery. From the Source Claim Bookings window you can easily access a more thorough study of the booking details. ...
Cancel Business Provisionally # Indicate Provisional Cancellation Sent # For continuous treaties, you can record that a provisional notice of cancellation has been submitted. To record the provisional notice of cancellation: Open your business. Select the Partner tab. On the Menu button, select Provisional Cancellation. For PNOC Sent, select Yes. You see the fields required for submitting Provisional Cancellation. Enter the required data and select OK Indicate Provisional Cancellation Not Sent ...
If you want the SICS to calculate the Portfolio, the conditions must be defined. (Refer to Portfolio conditions.) Conditions must be equal for all Retrocessionaire’s (no special Portfolio condition). Calculate Premium Portfolio # Premium Portfolio Withdrawal, if defined, is calculated and booked when you run the last Account of an Insured Period. Note that a year must be entered in the field ‘Last Accounting Year’ on the Administration Conditions of the OCC when Premium Accounting Basis ‘Run-Off’, if not, no Portfolio is booked to the ORP. ...
As mentioned above, the inwards claims are considered either as Single claims (claims included in Recovery without Risk names), Risk Claims (claims included in recovery with risk name), or as part of a Headline Loss. The recovery calculation considers what type of outwards claim is required, and creates outwards claims accordingly. For both single and risk claims, a so-called Dummy Headline Loss is created for recovery purposes. If you have defined the type of recovery incorrectly for the inward claim, SICS allows you to change this. ...
Persons whom you do business with at your business partners can be registered and maintained in SICS. Find a Contact Person # Search for a Contact Person by Name # | Soundex button | If you do not know the exact spelling of your contact person’s name, you can use the Soundex button in your search. The Soundex button starts a phonetic search feature. This feature will display all entries sounding as the name you have typed. ...
When a business agreement includes Premium- and/or Loss Portfolio conditions, you enter the details of these conditions in the Portfolio Conditions window. The Portfolio condition window is only available for Treaty businesses. Assumed Business and/or Administration Business can be placed from a Cedent’s Contract. When Portfolio Conditions are entered for the Cedent’s Contract, the Assumed Business and Administration Business inherit the conditions. You are not allowed to override the inherited conditions. ...