Premium/Loss details when Losses Occurring

Premium/Loss details when Losses Occurring

Calculate Portfolio based on source business' premium detail when OCC Claim Basis ‘Losses Occurring’ #

When OCC ‘Claim Basis’ is Losses Occurring', premium booking coming from source business (e.g. Assumed Business) having an Accounting Period - To which is beyond the Insured Period of the protecting OCC, will be basis for a Portfolio Withdrawal/ Entry booking made on the outward business ledgers ‘as Booking’.

A Portfolio Withdrawal will be booked on the current Insured Period and a Portfolio Entry will be booked on the next open Insured Period. (Refer to calculation ‘Portfolio Withdrawal - Losses Occurring’/‘Portfolio Entry - Losses Occurring’ in system parameter Accounting/Entry Code for the result Entry Codes used in the calculation). This functionality is based on the system parameter ‘Transfer Premium/Portfolio on OCCs with claim basis Losses Occurring’ being active.

  1. Select the field Claim Basis = ‘Losses Occurring’ on OCC Claims condition (Refer to Handle Claims Conditions). OCC with e.g. Insured Period 01.01.2012-31.12.2012.
  2. Make premium booking on the source business (e.g. with Accounting Period 01.07.2012-30.06.2013)
  3. When closing the Technical Worksheet for the source business, Premium booking is being retroceded to the OCC according to the Protection Assignment %
  4. Create and Run the Retrocession Calculation order for the Account e.g. 2nd of 2, 2012.
  5. System calculates a Portfolio Withdrawal for the premium amount representing the Accounting Period From - To which is beyond the Insured Period of the OCC. Note that this Portfolio will be booked independent of the Account number of the order.
  6. If OCC is renewed to the next Insured Period or if an OCC business-id is entered in the field ‘Transfer PtfEntry to Business’(refer to Administration Condition/Closed Period Handling), the system will make a Portfolio Entry booking to the OCC for the next Insured Period.
  7. If OCC was not renewed to the next Insured Period/no business-id was entered in the field ‘Transfer PtfEntry to Business’ when the Retrocession Calculation for the Account e.g. 2nd of 2, 2012 was run for the first time, an additional Retrocession Calculation Order for the Account may be created. The system will (based on the flag ‘Portfolio - Losses Occurring’ being selected) calculate a Portfolio Entry to the next Insured Period with the same amount as the Portfolio Withdrawal, but with reversed sign.

Claim booking when OCC Claim Basis ‘Losses Occurring’ #

When OCC ‘Claim Basis’ is Losses Occurring', Claim booking coming from source business (e.g. Assumed Business) having a Date of Loss/Claims Trigger Date which is within the Insured Period of the protecting OCC, the system will book the Claim detail on the current OCC’s Insured Period when running the Retrocession Calculation Order.

This functionality is based on the system parameter ‘Transfer Premium/Portfolio on OCCs with claim basis Losses Occurring’ being active.

  1. Select the field Claim Basis = ‘Losses Occurring’ on OCC Claims condition (Refer to Handle Claims Conditions). OCC with e.g. Insured Period 01.01.2012-31.12.2012.
  2. Make Claim booking on the source business (e.g. with Date of Loss 01.10.2012 and 16.02.2013)
  3. Claim booking is retroceded to the OCC according to the Protection Assignment %
  4. Create and Run the Retrocession Calculation order for the Account e.g. 2nd of 2, 2012.
  5. The Claim detail with the Date of Loss 01.10.2012 is booked on the OCC/ORP ‘as Booking’.
  6. The Claim detail with the Date of Loss 16.02.2013 is booked to the next Insured Period of the OCC if renewed or if an OCC business-id is entered in the field ‘Transfer Ptf Entry to Business’ (refer to Administration Condition/Closed Period Handling)
  7. If OCC is not renewed to the next Insured Period or if no OCC business-id is entered in the field ‘Transfer Ptf Entry to Business’ no Claim booking will be made to the OCC/ORP. System will continue to check the next open Insured Period/OCC business-id in field ‘Transfer Ptf Entry to Business’ for the Claim detail when running the Retrocession Calculation Order for the next Account.