A reinsurance company assumes liability in business offered from various cedents throughout the world. SICS lets you register those businesses at detailed levels. This chapter gives you an overview of how to structure the assumed businesses to ease the daily work.
Proportional Retrocession Accounting in SICS lets you do automatic calculation and booking of figures to be retroceded to an Outward Cedent’s Contract (OCC) and the Retrocessionaire’s Participation (ORP) of the OCC. To be able to do Proportional Retrocession Accounting, an OCC protecting an Assumed Business (AB) must be created. The Insured Period From date of the AB must be included in the Insured Period of the OCC. One or more RPs must be defined on the OCC and the OCC’s Placement List must be complete. ...
Reference item handling in SICS is typically done by your SICS System Administrator. In some cases, security might be set to give certain end-users access to Reference handling. In those few cases a Reference Item folder appears on the SICS desktop, which includes icons for the following: Currency and Exchange Rates, Currency Transformation Terms Maintenance, Entry Code Transformation Terms Maintenance, Entry Code Maintenance, Locations, Reference Data Maintenance, Reporting Units, Risk Zones, and Lookup Tables (for SICS Life). ...
Technical Bookings on a Co-Insurance Agreement are made on the Insured’s Contract level of the Business When you make a booking on the Insured’s Contract, the system will also automatically book on the linked Assumed/Policy Ceded and Administrative Businesses according to each of these businesses Share of the Co-Insurance Agreement. Before any bookings can be made on the Insured’s Contract, the system checks that the Placement Complete is set to yes for the Insured Period on which you are trying to book (If not, the system gives you a validation message). ...
After SICS has been installed and set up by your system administrator, you can start the program from the Windows Start menu. When you open SICS, you see the SICS desktop. Login to the System # Action Description Login/Logout button You must be logged into the system before any of its windows can be accessed. The ‘Login/Logout ‘button logs you into and out of SICS. ...
This section describeshow the co-insurers reinsurance of premium and claims is handled in the system when your company administer both the co-insurance and the reinsurance on behalf of the co-insurers. For more information on how to set up co-insurance structure when you company administers the co-insurers reinsurance on their behalf, refer to the chapter Set Up Co-Insurance Structure and Administer Reinsurance on behalf of Co-Insurers. The Administrative Business reinsurance accounting is based on the functionality of handling administration of co-insurance through bookings on Insured’s Contract level, from the moment when the closed worksheet (technical / claim) “lands” on the placements, including the generated reversed balances for the Administrative businesses. ...
You can assign sections of an Assumed Business to the sections of the Portfolio Program in two different ways: Starting from a Portfolio Program, you can link one or several Assumed Businesses, alternatively one or more sections of one Assumed Business to the active section of a Portfolio Program. One section of an Assumed Business can only be linked to one section of a Portfolio Program. Starting from an Assumed Business, you can link the active section to a section of a Portfolio Program. ...
Universe # Is a BusinessObjects specific term that indicates a set of tables in a ‘space’, making reporting possible for a specific purpose. The tables in the universe are ‘mirrors’ or ‘shortcuts’ to the original tables in the SICS database which is viewed through the universe. The universe visualizes the relationship between the database tables. The Query Panel # The Query Panel is where you build your report queries. ...
The Period Estimates are calculated automatically when a new currency is added. The system then applies the Calculation Rules to all Estimation Items and displays the resulting values. Entries marked as overwritten are not calculated. If the calculated Period Estimates are ok (which should usually be the case) you do not have to change the calculation at all. If you change some of the values it might be necessary to recalculate the Period Estimates again. ...