Claims Handling on Joint Contracts/Dual Stamps
Joint Contracts (often referred to as Dual Stamps or Twin-Band/Tri-band contracts) cannot hold claims, and all claims handling must be performed directly from the Joint Contract’s Assumed Business Placements.
Create Claims on Joint Contracts #
To ensure that all claims are created for all placements, manual claim creation can only be performed on the Assumed Business where the Reinsurer is the Administrator. SICS automatically creates the corresponding claim on all other assumed businesses linked to the same Joint Contract. Claims created through EDI messages will be created directly on each of Assumed Businesses part of the Joint Contract, as per the received messages.
To manually create a claim on a Joint Contract Placement: #
- From Find Claims select create New
- Select the Assumed Business which is the Administrator of the Joint Contract
- OR Open the claim list of the Assumed Business where the reinsurer is the administrator of the Joint Contract
- Select Create New
- Go through the claim wizard. The system validates information according to the rules described earlier in this chapter.
When you press Finish on the last page of the wizard, the system automatically creates the claim on all businesses which are linked to the same Joint Contract. Claims are allocated a separate claim identifier on each of the Assumed Businesses. Any claim references registered on the claim are reflected on the sibling claims.
Note! If you attempt to create a claim on an assumed business that is not the Administrator’s, an error message appears. The same validation error appears if you attempt to copy a claim or Headline loss to such a business.
Assign to Existing Claim for Joint Contract Placements #
This option is not enabled for Joint Contract placements.
Update Claims on Joint Contract Placements #
If there is a need to update the claim information, this must be done separately on each of the placements. SICS returns a warning reminding you to update the claims for the other placements when you open the edit window for the following key information:
- Claim Properties - Heading Information
- Headline Loss Assignment
- Status
- Transfer to Ledger indicator
SICS does not return any warnings if any other information is changed. The system validates the registered information as described earlier in this chapter.
From Ground Up on Joint Contract Claims #
This functionality is not available for claims linked to a Joint Contract placement.
Claim Limit and Shares on Joint Contract Claims #
This functionality is not available for claims linked to a Joint Contract placement.
Delete Claims on Joint Contract Placements #
If a claim has been created in error, and you want to delete this, this must be done from the Assumed Business of Administrator. The option is disabled from the other placements. The claim must pass all validations for all placements, and is removed from all placements.
Claim Programs on Joint Contract Placements #
Claim program functionality is not available for claims linked to a Joint Contract placement.