The Retrocession Account Order

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. In addition, the balances are booked in the Business Partner Ledger for the ORP or Intermediary. Which Business Partner Ledger depends on the assignment of the payment task.

When converting the figures to Account Currency(-ies), the system may book a Reserve adjustment amount representing the change in the Exchange Rate from the previous Account(s) within the same Accounting Year as the one defined on the order.

The Reserve adjustment amount may be (dependent on the trace options) be included in the ordinary Reserve figures in Account Currency or not. To be able to differ the Reserve adjustment amount from the ordinary Reserve amount in Account Currency, the Reserve adjustment has a different pairing type (Placements to Accounting - Exchange Rate Adjustment). For more information of how to define the Reserve adjustment to be calculated - refer to field ‘Reserve - Exchange Adjustment’ on the Retrocession Account Order.

Technical Account and Statement of Account documents to be sent to the ORPs are produced from the Retrocession Account order. The Technical Account may be produced for the Retrocessionaire Participation’s and/or Intermediary Placements (summary/separate accounts) for their share percentage, shown either as an ordinary share percentage or as an alternative share percentage only used in document production (refer to field Alt. Share On Tech. Acc. on Share Conditions). In addition the following documents are produced if conditions and frequency apply; Profit Loss Account, Loss Participation Statement and Sliding Scale Commission Statement.

Create and Run a Retrocession Account Order #

1. Open the Administration Conditions of the OCC for which the account order is to be created.
2. Select the Account no. to be processed from the Account tab.
3. Select Create Retrocession Account order from the menu. A New Retrocession Account order window appears.
4. Define the different fields of the order. (Refer to the field description below.)
5. Select Run Now from the menu.
6. Select Edit from the menu if the order needs modifications. Select Run Now again to rerun the order.

The basis for each Retrocession Account order is the ORP business ledger in booking currency. Only the figures booked from Retrocession Calculation orders for the same Account no. as the Retrocession Account order being run, is basis. If previous Retrocession Account order has been run for the same Account no., only new as booking figures for the same Account no. are being processed.

Note! It is recommended to create and run accounts in sequence.

View Worksheets from a Retrocession Account Order #

When the order has been run, the produced worksheets can be inspected directly from the order.

1. Create and run a Retrocession Account order.
2. Select View Worksheets from the order menu. The View Worksheets window appears.
3. Select the Worksheet you want to inspect and select View Worksheet from the pop-up menu. The Worksheet Closing window appears.
4. In order to inspect the booking details of the balance, select a balance and select View Balance Details from the pop-up menu. The View Balance Details window appears.

In the View Worksheet window a worksheet is produced per Business ID. You are allowed to access the Business Properties and Business Ledger for these businesses by selecting Business Properties or Business Ledger from the menu.

To open the balance details window for a balance, select the balance from the Worksheet Closing window and select More Balance Information. You are allowed to do the following from the More Balance Information window in edit mode:

• Select the Include in Statement check box.
• Update the Cedent/Broker reference.
• Update the EDI reference field.
• Create/Edit or Delete Expected Payment.

(For further information about the More Balance Information window, see the chapter The Business Ledger.)

(For further information about the Worksheet Closing window, see the chapter Manual Bookings on a Worksheet.)

View ALL Balances created by Retrocession Account Order #

Sometimes, the numbers of the produced worksheets may be very large, and the information on the view worksheets window is in some situations, not enough for the users to filter what they want.

In these situations you can choose the option View Worksheets Balances. Through this option, the system can show the balances for ALL Businesses and ALL Worksheets created by the order in the same overview.

You can view all these balances directly from the order:

1. Create and Run a Retrocession Account order.

2. Select View Worksheets Balances from the order menu button. The View Worksheet Balances window appears.

3. For each balance found on the worksheets created by this order, the following information is displayed, which combines the information on View Worksheets window and Worksheet Closing window. (The detailed fields description can found on those two windows)

   • WS ID (Worksheet Id)
     
   • WS Title (Worksheet title)
     
   • WS Origin (Worksheet origin)
     
   • Registration Date
     
   • Status
     
   • #Bookings (number of details in the balance)
     
   • Business ID
     
   • Currency
     
   • Balance (Balance amount)
     
   • Booking Year/Period - Local
     
   • AccYR (Accounting Year)
     
   • AccPeriod
     
   • AccPeriod From - To
     
   • UWYR (Underwriting Year) - if more than one Underwriting Year is found on the details within a balance the field is blank and the user can see the values by drop down the list
     
   • Section - if more than one Section is found on the details within a balance the field is blank and the user can see the values by drop down the list
     
   • AccClassification - if more than one Accounting Classification is found on the details within a balance the field is blank and the user can see the values by drop down the list
     
   • Payment Partner - blank for the balances on the OCC
     
   • Responsible BP - blank for the balances on the OCC
     
   • Retroceded% (the signed share of the ORP) - blank for the balances on the OCC

4. In order to inspect the booking details of the balance, select a balance and select View Balance Details from the pop-up menu. The View Balance Details window appears from where you can navigate to the More Detail Information window.

5. In order to open the balance properties window for a balance, select the balance and select More Balance Information from the pop-up menu. The Balance Properties window appears.

6. You are also allowed to access the Business Properties, Online Statistics, Claim Properties for these businesses by selecting the corresponding options from the pop-up menu.

Inactivate Worksheets from a Retrocession Account Order #

You are allowed to inactivate the worksheets produced from a Retrocession Account order if the status of the worksheets is Open.

1. Create and run the Retrocession Account order without closing the worksheets.
2. Select Inactivate Worksheets from the order menu.
3. A confirmation message appears asking if you want to continue. Select Yes to confirm or No to cancel.

The order is inactivated along with the worksheets.

Copy a Retrocession Account Order #

You can make a copy of a Retrocession Account order. This may be relevant when you want to create a new order for the same business and Accounting Year/-Period as defined in the source order.

1. Open an existing Retrocession Account order.
2. Select Copy to from the menu of the order.
3. A New Retrocession Account order is created.

Compared with a New Retrocession Account order created from the Administration Conditions, more fields are predefined in the copied order.

Access the Business Ledger from a Retrocession Account Order #

You may access the Business Ledger of the RP businesses directly from the order or via the View Worksheet window. If you want to open the business ledger for a specific RP, not only the 1^st RP, you should navigate via the View Worksheet window.

To open Business Ledger from order menu:

1. Create and run the Retrocession Account order, or open an existing order.
2. Select Business Ledger from the menu of the order.
3. The business ledger for the 1^stRP, for which worksheets are produced, is opened.

To open Business Ledger from View Worksheets window:

1. Create and run the Retrocession Account order, or open an existing order.
2. Select View Worksheets from the menu of the order.
3. Select the WS ID/Business Id for which the Business Ledger is to be opened.
4. Select Business Ledger from the menu.

Note! If your order has the status Open you have to change the WS Status of the Business Ledger from Closed to Open in order to view the worksheets produced from your order.

(Refer to the section The Business Ledger for further information about business ledger details.)

Create and Run a Retrocession Account Group Order #

You can create and run Retrocession Account orders as a group. OCC businesses, for which retrocession account orders are to be run, are defined in a Retrocession Group order. Individual orders per included OCC are automatically created and run in sequence from the group order. The same Accounting Year/-Period must apply for all individual orders.

1. Open the Find: Accounting order window from the Accounting folder on the desktop.
2. Select New from the menu/Create New. The Order Type Selection window appears.
3. Select Retrocession in the drop-down list, select Account Group Order from the list and click OK. A New Retrocession Account Group order appears.
4. Select Add Business or Add Group from the menu in Identifier/Business Title/Bouquet Calc.Group Name/Type display area. Dependent on the selection, the Find: Business or the Find: Business Groups window appears.
5. Search for Business/Business Group. Businesses are automatically transferred to the order upon selection.
6. Define the fields of the order. (Refer to the Field Descriptions below.)
7. Select Create Orders from the order menu when the group order is created.
8. Select Run Now to process the individual orders in sequence.

When Create orders is selected from the order menu, the individual orders are created with subsequent order numbers. The Order Title on the individual orders is generated from the Group Order ID + Title + Account As of Date. After the group order has been run the worksheets have to be inspected from each individual order. It is recommended to run/rerun the group order without closing the worksheets until the figures on each RP business ledger are correct.

The individual orders created from the Group Order can be edited and ran individually.

You can also create scheduled jobs for the individual orders created from the Group Order, by selecting the option Create Scheduled Jobs for Orders.

From the Retrocession Account Group order you can modify the different fields by selecting Edit from the order menu. Your changes are automatically updated by the individual orders. You may select to rerun the order until the worksheets are closed.

Select Inactivate Worksheets from the Group order menu to inactivate worksheets and the individual orders.

Request Scheduled Job Template #

When the Retrocession Account Order Group is flagged as a ‘Batch Template, a Job Template may be requested from the Retrocession Account Order Group;

1. Select the field ‘Batch Template’ in section ‘Order’ on the Retrocession Account Order Group and fill in remaining fields
2. Press OK button
3. Select ‘Request Scheduled Job Template’ from the order menu
4. Job Template window appears (refer to Scheduler, Job Templates for more information)
5. If you want, you can change one or more of the default values
6. Press the ‘Save’ button
7. A Job Template is created and may be inspected from the Periodic Functions, Accounting Order Monitor or from the Schedules Jobs, Job Templates tab.

The Group Order Template holds the information needed to create orders (group order and single orders). Group order and single orders are created when the option ‘Copy to Actual Job’ is selected either from the pop-up menu for the marked Job Template in the Scheduler or in the Accounting Order Monitor (for more information refer to the Scheduler or the Periodic Functions)

The below fields are different from the fields of the individual Retrocession Account order. For description of the remaining fields of the order, see the table on page 13-51 above.

The below fields are different from the fields of the individual Retrocession Account order, and are placed on the ‘Additional’ tab. For description of the remaining fields of the order, see the table on page 13-51 above.

Copy a Retrocession Account Order Group #

When you want to create a new group order for the same businesses/group(s) as defined in the source group order, the easiest way is to copy an existing Retrocession Account Order Group.

To copy a retrocession account order group:

1. Open a Retrocession Account Order Group.
2. Select ‘Copy to’ from the Order menu.

You see a copy of the source retrocession account order group. Compared with a New Retrocession Account Order Group created from the Find: Accounting Order window, the following fields are predefined in the copied group order:

• Exchange Rate: Copied from the source order group.
• Items Included: Copied from the source order group.
• Order Status: Copied from the source order group.
• List of Businesses/groups: Copied from the source order group.
• Order fields: Copied from the source order group.
• Balance Split Options: Copied from the source order group.

Create a TechAccount Message #

Select the option ‘Create TechAccount message’ when you want to create an outbound TechAccount Message from the Retrocession Account Order. For more information refer to chapter 16.9.1 Create TechAccount Message from the Retrocession Account Order.

View a TechAccount Message #

Select the option ‘View TechAccount Message’ when you want to view an outbound TechAccount Message created from the Retrocession Account Order. For more information refer to chapter 16.9.1 Create TechAccount Message from the Retrocession Account Order.