Maintain Insured Period Information
The information relating to the begin and end time of a reinsurance contract, comprises in SICS the insured period information. This information is the driver of numerous functions throughout the system and it is therefore of outmost importance to enter this information accurately. This area is therefore subject to strict validation.
Record Insured Period Information #
The cedent normally notifies you about the insured period already when offering a business. If not, you normally do not record the business. Your company might however allow for business without an insured period in certain circumstances. (For more information, see the Record an Insured Period ‘To Be Advised’on page 6-6section.)
How to record the insured period information when creating a new business is described in the Create New Business chapter. The detailed rules and validations are for the most part the same as when you maintain the period after you have created the business. See - Maintain Insured Period Information on page 6-8for more details.
Record an Insured Period ‘To Be Advised’ #
If your company allows recording businesses where the dates of the insured period will be advised at a later stage, you may create a business with NO specific insured period. You can only record this type of business for the first period of a business. See Create New Business and Copy to New Business. Business with such a period are subject to several restrictions, refer to - Maintain Insured Period Informationon page 6-8
Change Insured Period Information #
If the insured period details are wrong (or missing) you may, with proper authorisation, correct these after the business is established.
- Open your business and click the Insured Period tab.
- Click the Menu button in the lower right corner and select Edit.
- Enter the new insured period dates and time in From and To.
- Click OK.
- If your business was missing the insured period (‘To be Advised’) and you now have recorded it, remember to also update the premium conditions if they should be on an annual basis. (When the insured period is missing, the annual premium cannot be calculated and the Annual indicator is therefore cleared. You must now select the Annual indicator.)
| Field | Description |
|---|---|
| Insured Period From Date | Start date of the period, within which the agreement is in force and the cedent is covered. Values: Date, Blank - ‘To Be Advised’ Validations: * Cannot be greater than To Date. * Can be equal to To Date if From Time smaller than To Time. * Cannot overlap previous insured period’s To Date and Time. * Warning if From Date and Time creates a gap between previous insured period’s To Date and Time. * Blank (_To Be Advised)_ only available for facultative and direct business. Date cannot be removed/changed to blank. When blank, the following are not allowed/not available: - Basics Status Definite - Insured Period From - To Time, Duration and Underwriting Year - Cancellation Conditions - Administration Conditions - Limit and Premium Conditions - Underwriter’s Estimates - Reporting Unit - Protection Assignment, other than Facultative protections - Insured Object Cession/Declaration - Insured Peril Cession - Claims -Business Renewal _Mandatory:_ No |
| Insured Period From Date | Functional Impact:- Business Amendment - Premium and Limit Conditions - Administration Condition - Manual Accounting - Automatic Accounting - Claims Handling - Protection Assignment - Business Renewal - Business Cancellation - Copy Business - Business Placement - Insured Object Cession/Declaration Handling - Insured Peril Cession Handling - Reporting Unit Assignment - Underwriter’s Estimates - Other insured period information |
| Insured Period From Time | The time that the coverage of the contract starts. Values: Time,Blank - ‘To Be Advised’ Default: 00:00:00 (midnight) Your company may have set up another default in the system parameters.You may define another default than the general one for your company in your User Preferences (Business Default Value Tab/Insured Period Sub Tab) Validations: * Insured Period From Date must have a value * Cannot be larger than the to time on the same day. * Cannot overlap previous insured period’s To Date and Time. * Warning if From Date and Time creates a gap between previous insured period’s To Date and Time. _Mandatory:_ No _Functional Impact:_ - Business Renewal - Business Placement - Copy Business - Other insured period information |
| Insured Period To Date | End date of the period, within which the agreement is in force and the cedent is covered. Values: Date, Blank - ‘To Be Advised’ Default: The date one calendar year after the Insured period From Date, if set up by your company. Validations: * Cannot be smaller than From Date. * Can be equal to From Date if To Time greater than From Time. * Cannot overlap next insured period’s From Date and Time. * Warning if To Date and Time creates a gap between next insured period’s From Date and Time. Date cannot be removed/ changed to blank (To be Advised).When blank, certain restrictions exist. Refer to the Field Description for From Date for more details. _Mandatory:_ No _Functional Impact:_ - Business Amendment - Premium and Limit Conditions - Cancellation Conditions - Manual Accounting - Automatic Accounting - Claims Handling - Protection Assignment - Business Renewal -Business Cancellation - Copy Business - Business Placement - Insured Object Cession/Declaration Handling - Insured Peril Cession Handling - Reporting Unit Assignment - Underwriter’s Estimates - Other insured period information |
| Insured Period To Time | The time the coverage of the contract ends. Values: Time, Blank - ‘To Be Advised’ Default: 23:59:59 Your company may have set up another default in the system parameters.You may define another default than the general one for your company in your User Preferences (Business Default Value Tab/Insured Period Sub Tab) Validations: * Insured Period To Date must have a value. * Cannot be smaller than the From Time on the same day. Cannot overlap next insured period’s From Date and Time. * Warning if To Date and Time creates a gap between next insured period’s From Date and Time. _Mandatory:_ No _Functional Impact:_- Business Renewal - Business Placement - Copy Business - Other insured period information |
| Underwriting Year | The year in which the business was written Values: Minimum value: 0001, Number of digits: 4 Default: The year in the Insured Period From Date Validations: * Cannot be more than 1 year older than the year of the Insured Period From Date. * Cannot be more than 1 year newer than the year of the Insured Period From Date Warning when changed. * Warning if the same Underwriting exists on another insured period. * System may have been set up to prevent same underwriting year more than once within the same business, i.e. full stop message when: - renewing a contract and new insured period gets same underwriting year as an existing insured period - changing existing insured period so that Underwriting Year is changed to an Underwriting Year already existing on same business - changing Underwriting Year directly on existing business and this underwriting year already exists on the business * System may have been set up to prevent an underwriting year different from the Insured Period From Date of the contract e.g. full stop message when creating, editing or renewing a contract _Mandatory:_ No _Functional Impact:_ - Find Business - Various Accounting Orders - Business Renewal - Other insured period information |
| Insured Period Duration | Number of days in the insured period. Values: Number Calculation: Count of number of days from Insured Period From Date to Insured Period To Date Validations: * Only available for facultative and direct businesses. * Insured period must exist. Manual update not allowed. _Mandatory:_ No _Functional Impact:_ None |
| Inception | The original start date of the contract. Values: Date Derived from: The Insured Period From Date of the first definite insured period of the agreement Validations: * Manual input NOT allowed Mandatory: No Functional Impact: None |