| Reinstatement
Conditions button | The Reinstatement condition specifies how many times the cedent can use the cover during the insured period and how additional premium (reinstatement premiums), if any, will be calculated. The reinstatement calculation and booking is automatic for outward business, but must be booked manually for Inwards. |
Reinstatement condition is available for non-proportional businesses only and the condition looks the same for all types of business.
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If you want to reallocate the Occurrence Year of loss bookings and to distribute according to cumulative earned premium per Booking Year, this can be automatically done by running the Occurrence Year Allocation of Losses Order. SICS allocates and reallocates Occurrence Year for all loss bookings on each included business where the Occurrence Year Split has been defined on the Administration Conditions. Loss details found on the business ledger for the actual Underwriting Year and Booking Year/Period are split in one or more loss details per Occurrence Year according to how the relevant accumulated earned premium (both actual and estimates) are split per Booking Year.
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Inwards Contract protected by one or more non-proportional facultative retrocessionaires (ORPs) not linked to an OCC.
The claim must be marked as subject to the recovery (either included in recovery, or part of a Headline Loss.) It is not necessary to link the claim to the facultative protection.
The Fac XOL share should be the same as the Inwards Share.
The Claim references are useful since they can be used in Find Claims, and therefore helps you identify the correct claim based on for example the cedent’s or the broker’s claim reference. SICS allows you to record as many Claim references as you require.
Create Claim Reference # In Find Claims, retrieve the Claim Loss for which you want to record a Claim Reference. Open the Claim. Open the Section Specific tab.
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On the Administration Conditions window you define the accounts and the details of the accounts applicable for the business. Conditions related to the accounts such as advice- and payment conditions, currency exchange and closed period handling are also defined in the Administration Conditions.
When you select the Administration Conditions button, you see the Administration Conditions window. The window that you see varies depending on the type of business.
Administration Condition must be defined on main level of the business and cannot be overridden on sub-sections.
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The claims must be subject to recovery, and also linked to the Non-Prop Fac OCC, or Fac Program.
Protection Program Fac
Section Cover Excess Agg Limit OCC Share OCC1 100 000 100 000 200 000 90 % Note! The OCC Facmust have a share defined.
Inward claims with protection assignment and bookings:
Claim Retroceded % Paid FGU Reserve FGU Inward Share Claim 1 100 % 16 000 6 000 10 % Claim 2 100 % 13 000 5 000 10 % Claim 3 100 % 12 000 2 000 10 % Claim Retention Paid Recovery Paid Recovery Reserve Claim 1 100 000 44 000 54 000 Claim 2 100 000 17 000 45 000 Claim 3 100 000 8 000 18 000 Explanation:
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Messaging References # eMessaging will automatically create claims with either a Unique Claim Reference or an Originator’s Claim Reference, or both. eMessaging has no restriction on the number of Unique claim references or Originator’s Claim References that can be assigned to a single claim section, so the former limit of one Unique Claim Reference per claim has been removed.
| Inuring to Benefit Rules button | The Inuring to Benefit Rules button appears only on Non-Proportional Outward Cedent’s Contracts and on Proportional US Quota Share. These conditions are mandatory in order to be able to use the Non-Proportional Recovery System (explained in the Retrocession Accounting chapter)to its full extent. The links that are created to a Program Section or OCC from this condition indicate where unrecoverable losses on this Non-Proportional Outward Cedent’s Contract or US Quota Share OCC are considered for possible recovery.
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Protection Program Fac
Section Cover Excess Agg Limit ITB Rule OCC Share Section 1 5 000 000 0 5 000 000 Reinstatement Exhausted covered by Section 2 100 % Section 2 10 000 000 5 000 000 1 000 000 Reinstatement Exhausted covered by Section 3 100 % Section 3 35 000 000 15 000 000 35 000 000 None 100 % Inward claims with protection assignment and bookings:
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A claim may be associated with Business Partners specific to that claim - for instance Loss Surveyors, or a firm of solicitors or other experts. Sometimes you will receive relevant loss information directly from these Partners, or you may want to settle fees directly with them. SICS allows you to maintain the link between the claim and these partners on the Links tab - on sub tab Business Partner - in the Business Partner list box.
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