Run the Retrocession Estimation Calculation Order

Run the Retrocession Estimation Calculation Order

The purpose of this order is to book the Period Estimates on the business ledger of Proportional OCCs and Retrocessionaire’s. The function takes into account that the estimated figures and the accounted figures may be in different currencies and / or for different accounting periods (Accounting From Date, Accounting To Date).

The Retrocession estimation calculation order will perform the same calculations as a normal Retrocession calculation order:

  • It uses the estimates from the Assumed Business to update the Proportional OCC and the Retrocessionaire’s with estimates.
  • Performs the calculations according to the various conditions that can be found on the individual Retrocessionaire’s.
  • The result of the order run can be viewed on the Retrocessionaire’s business ledger in status “as booking”.
  • The Retrocession estimation calculation order should be run for one Proportional OCC.

To run the Retrocession Estimation Calculation order:

  1. Open the Administration Condition of an OCC and select the account to be processed.
  2. Select Create Retrocession Estimation Calculation Order from the pop-up menu. You see the Create Retrocession Estimation Calculation Order in edit view.
  3. Type the order title on the order.
  4. Complete all necessary parameters.
  5. Click OK. SICS saves your entries and displays the View Retrocession Estimation Calculation Order.
  6. Click the Menu button in the lower right-hand corner and select Run Now.

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There are several check boxes on the Retrocession estimation calculation order that can be set but basically they do exactly the same thing as the ordinary retrocession calculation order. The difference is:

Accounting Year / Period: The accounting year and period must be set here. It is very important that it matches with the accounting frequency of the OCC’s attached in the Business List.

Booking Term: In this field you can define which Booking Year and Period the system should use as extraction criteria on the business ledger. If you select Local the normal Booking Year and Period is used. If you select Legal then the Legal Booking Year and Period is used. If you select Global then the Global Booking Year and Period is used.

On the Business List tab it is possible to add one or several OCC’s by choosing Add Business from the pop-up menu.

The Retrocession Estimation Calculation order can be created from the Admin condition on the OCC.