The Business Partner Ledger lets you search for, inspect and analyse information pertaining to liquid balances, i.e. account balances and payments, to and from business partners.
You can group balances by creating Settlement Balance Groups and Account Balance Groups. Worksheets such as Remittance - and Technical Worksheets may be created from the Business Partner Ledger. These and other functions are described in the further documentation.
Open a Business Partner Ledger # | Business Partner Ledger button | To open a Business Partner Ledger, click the Business Partner Ledger button in the Navigation bar on the Business Properties window or on the Business Partner Properties window.
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| Cancellation
Conditions button | If a reinsurer or a cedent has agreed on conditions for termination of the agreement, it is here that those conditions are defined. |
The cancellation conditions are not available for businesses with no insured period specified. Note that this type of ‘To be Advised’ insured period only exist if your System Administrator has set up the system to allow for it
Maintain Cancellation Conditions # Click the Cancellation Conditions button and you see the Cancellation Conditions window.
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When, figures are retroceded in arrears, it is sometimes required to have the outward bookings converted from Booking to Account currency using the exchange rates available at the time when the figures normally should have been retroceded.
Select the field ‘Period End Rate (Original AYRP) on the Currencies/Entry Codes tab on the Administration conditions of the Outward Cedent’s Contract. (System parameter ‘Convert Figures to Account Currency According to Orig Acc Year and Period’ must be activated).
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If you want to record informational figures of the claim impact on the second level without booking any amounts, SICS allows you to record informational details of the Claim Figures.
Create and Edit Claim Figure Amounts # Find and open the claim you want to define the claim amounts for. Click the Claim Figures tab and then click the Edit button in the Amounts section. You see the Edit Claim Section Amounts window.
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SICS lets you update many balances or worksheets at once by using the mass update facility. You can access this from the Periodic Functions folder on the SICS desktop. In that folder is a folder called Accounting Mass Update. Click this folder and you see seven (or eight) icons : ‘Business Partner Mass Update on Balances, Closed Balances, Last Completed Booking Year, Open Balances, Open Worksheets’, ‘Reporting Classification Detail Mass Update’ and ‘Reserve and Deposit Detail Mass Update and Accounting Balance Pairing Status Mass Update.
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Protection:
Insured Period: 01.01.09 - 31.12.09 Limit Conditions:
Cover: EUR 50.000.000
Excess: EUR 5.000.000
Claim Basis:Losses occurring
Assumed Claim with Booking Details:
As of Date Entry Code Currency Amount 01.01.09 Paid Loss EUR 6.000.000 31.01.09 Paid Loss GBP 1.000.000. 20.02.09 Paid Loss USD 5.000.000 20.02.09 Loss Reserves USD 5.000.000 Daily Exchange Rate in SICS:
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The Retrocession Calculation Order for Non-Proportional lets you do automatic calculation and booking of deposits to be retroceded to the Retrocessionaire’s Participation (RP) of the OCC.
Before running the Retrocession Calculation Order for Non-Proportional, one or more RP’s must be defined on the OCC and the OCC’s Placement List must be complete.
The normal procedure in the Non-Proportional Accounting process:
Enter Accounts and Accounting Basis on the Administration Condition - Accounts tab.
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In some circumstances your XL Treaty Reinsurer(s) may change its share during an Insured Period. The change can take effect from the Insured Period from date or as part of an amendment in share condition.
If bookings (premium and/or claim) have been made in SICS before the change takes place, the system will automatically adjust the bookings on the placement as follows:
Edit share from Insured Period from date: Changes in share will give an immediate effect on already booked amounts (not considering any system parameters).
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For various reasons you may want to record comments and notes to a loss. These comments could be a short description of the loss occurrence that you could use in reports and claim advices you send out to your own retrocessionaires, or it could be a longer description of the loss, actions that you have taken, or even a loss report you have received. SICS allows you to record all this information on a claim.
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Normally, the retroceded figures are distributed to the Retrocessionaire Participations according to the RP share registered on the newest Effective Period within the Insured Period. In some situations, it is necessary to use the share registered for multiple Effective Periods e.g. when a RP ends the participation during an Insured Period and the corresponding share percentage is recorded for a new RP/increased for an existing RP. Distribution of RP figures to the various Effective Periods is dependent on the system parameter Distribute RP Figures on Multiple Effective Periods being active.
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