You can remove Assumed Business from the Attached Business window on a Portfolio program.
Select the Assumed Business section from the Attached Business list. Select Delete from the pop-up menu. This will not have any automatic effect on the estimates or bookings of the Assumed Business or the Portfolio Program.
When adding or removing business linked to a Portfolio Program you need to refresh the estimates.
To update the estimates of the Portfolio Program sections go to the Period Estimates tab on the Underwriters Estimates window and switch to edit mode.
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A calculation order called “Multi GAAP Accounting order” does the booking of the estimates figures. The order does two things:
Books the estimates either on the business or portfolio ledger depending on where the estimates are entered. The estimate is always booked with the Estimate indicator set. The booked estimates are also created As original on the ledger of an OCC if the business or portfolio program is connected to a Proportional OCC
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To be able to convert figures from the Booking currencies to the Account currencies for the Retrocessionaire Participation’s (ORP’s), the Retrocession Account order has to be created and run. The conversion to Account currency is done according to Currency Transformation Terms entered on the Outward Cedent’s Contract (OCC) Administration Conditions and the Exchange Rate definitions on the order. The balances in Account currency are booked in the as account business ledger for each ORP.
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General overview # Accounting is the part of the system with the largest volume of data. Because the data structure in the online part of the system is not particularly suited for some types of reports, a few tables are maintained solely for reporting reasons. This is done mainly for two purposes: To make reports run faster, and to make report definitions easier.
The special accounting reporting tables are updated on a regular basis from the data tables used by SICS.
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SICS allows you to use the Protection Assignment function also for Portfolio Programs. You do this in the same way as when Assumed Business is linked to a Protection Assignment.
The Portfolio Program window has a PP-button for Proportional Protection Assignment. By clicking this button on the Portfolio Program, you can assign Outwards Cedent Contracts or Own Retention in the same way as for ordinary Assumed Businesses. For more information, refer to the SICS User Guide.
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If an Assumed Business is protected by an Outward Cedents’s Contract (OCC) being proportional treaty business which indicator ‘Automatic bookings on OCC & ORP’ is selected, this can be selected only when this OCC protects one AB only, for below scenarios a Retrocession Calculation and a Retrocession Account order will be created and run automatically in sequence, without any user interaction. The orders are closed after they have been run and cannot be edit or rerun by the user.
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Automatic premium accounting in SICS lets you do automatic booking of instalment premiums and adjustment premiums on the following businesses:
Proportional and Non-Proportional Facultative, both inward and outward business
Proportional and Non-Proportional Direct business
Non-Proportional Treaty businesses, both inward and outward business.
There are two ways to make an automatic booking of instalments and adjustments:
From the Premium Accounting window on the Premium/Limit conditions per section or for all sections of a business
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System parameters will have the following effect on the Recovery Calculation: Refer to System Administration Guide for more information regarding_System Parameters._
Accounting - Miscellaneous # Trace Source Business from Outward Bookings
Cleared: The system is performing recovery calculation without creating a link between the outward recovery booking detail, and the business identifier of the source booking.
When cleared, the system allows you to select the check box ‘Trace Source Business’ on the Business/Accounting Info tab of an Outward Cedent’s Contract or XL CA of Outward.
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Link Insurable Object to Contract # Establish a link between an insurable object(s) and the contract which covers this object
Open wanted business and navigate to the Classification tab
Right mouse click and select Edit Classification from the pop-up menu
From the list menu, select Insurable Objects
Right mouse click and select Assign.
From Find Insurable Objects, highlight wanted objects and select Transfer from the pop-up menu.
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In the Account orders on the SICS desktop, there is an order with the type Estimation Calculation called Multi GAAP Recalculation order. The purpose of this order is to update the estimates that can be found on the Period Estimates tab on Assumed Business, Portfolio Program, OCC and Retrocessionaire’s. The order can also create new Period Estimates on Assumed Businesses, OCCs and Retrocessionaires. This order is very useful if the estimate figures on the Period Estimates tab are coming from a calculation rule using, for example, the EPI as the basis for the calculation.
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