Manage Cedent's Contract

A cedent’s contract (inward) in SICS is the 100% agreement seen from the reinsurer’s point of view. It is meant for grouping multiple shares in the same contract. It may include both internal and external companies' participation.

Create Cedent’s Contract #

To create cedent’s contract from scratch or to copy from an existing cedent’s contract, see chapters Create New Business and Copy to New Business for description.

Create Cedent’s Contract from Business #

Create a new cedent’s contract and automatically link the source business to the contract. The system copies the information from the source business to the contract and creates a ‘soft link’ between the two.

1. From Find Business, open wanted business
2. Select the Life Cycle tab
3. From the pop-up menu, select Add Cedent’s Contract
4. If wanted, enter/change Business Identifier and Accounting information
5. Select Finish

Create Cedent’s Contract Details #

Types of Business for a Cedent’s Contract must be:
Proportional Facultative
Non- Proportional Facultative
Proportional Treaty
Non-Proportional Treaty

Place Cedent’s Contract #

You may have recorded the 100% contract for information and want to record a business, for example, to represent your share in this contract. If you want this business to be an ‘inheritor’ of the contract, you should use this option. The inheritor business periods can however not be delinked from the contract later.

1. From the cedent’s contract, select the PL button (Placement List)
2. From the pop up menu, select either Add New Assumed Business or Add New Administrative Business
3. The business wizard for creating an Assumed Business or an Administrative Business opens
4. Go through the business wizard and enter information as you require.
5. Select Finish.

Copy Placement of Cedent’s Contract #

Place the cedent’s contract by copying an existing business already linked to the contract.

1. From Cedent’s Contract click PL button to navigate to the Placement list
2. Select the wanted option from menu, either Copy Selected to Assumed Business or Copy Selected to Administrative Business
3. The Business wizard for copying an Assumed or Administrative Business opens
4. The wizard walks you through the process of copying the business
5. Select Finish

Link Business to Cedent’s Contract: #

Assign an insured period of an existing business to an insured period of existing cedent’s contract.

1. From Cedent’s Contract, select the PL button (Placement List_)_
2. Select Add Existing Business from the pop up menu
3. The Find: Business opens with levels of business Assumed and Administrative Business as available search criteria
4. Search for and transfer an existing business insured period that you want to link to the Cedent’s Contract.
5. Select Finish

Link Cedent’s Contract to Business #

Assign an existing cedent’s contract insured period to business insured period.

1. From Life Cycle tab of your business, select Assign Cedent’s Contract from the menu button
2. The Find: Business opens with level of business Cedent’s Contract as available search criteria
3. Search for and transfer the existing contract insured period that you want to link to your business
4. Select Finish

Delink Business from Cedent’s Contract: #

Remove the link between the insured period of a business and the insured period a cedent’s contract, starting from the contract.

1. From the Cedent’s Contract, select the PL button (Placement List)
2. Select wanted placement and select Delink Business from the pop up menu
3. The system gives an error message if this link cannot be removed, otherwise it presents a warning
4. Confirm the warning, and the system deletes the link to this business.

Delink Cedent’s Contract from Business #

Remove the link between the insured period of a business and a cedent’s contract - starting from the business.

1. From Life Cycle tab of your business, select Delink Cedent’s Contract from the menu button.
2. The system gives an error message if this link cannot be removed, otherwise it presents a warning
3. Confirm the warning, and the system deletes the link to the cedent’s contract.

Cedent’s Contract Participation Details: #

• Businesses can participate in a cedent’s contract for one or more insured
  periods.

• You may link business to different cedent’s contracts, but one insured period can only be linked to one cedent’s contract insured period.

• Placements created from a cedent’s contract will get a link that cannot later be removed. These placements will be inheritors of the contract, and you must do most changes from the cedent’s contract level, such as changing the insured period, limits and business structure.

• Placement insured periods that has been linked manually or linked as part of copying another placement can later be delinked. For these types of placement, information such as insured period and limit conditions are not inherited and may be modified on the placement.

• Placements that has been linked to the cedent’s contract by a cedent’s contract having been created from it, receives a ‘soft link’ between the two. This means that the system does not see the business as an inheritor of the contract and you may later remove the link.

• To assign an existing business insured period to an existing cedent’s contract insured period, the business and contract must have the same Type of Business and the same insured period. You can however change the period later.

• If you change classification on the cedent’s contract level, the system updates these on all placements.

• If you want to change the cedent, you have to do it at the contract level.

View Cedent’s Contract Placements #

Get an overview of all the placements of a cedent’s contract period, with key information from each business.

1. From Find Business, open the wanted cedent’s contract insured period
2. OR from a business insured period linked to a Cedent’s Contract, select the PL button (Placement List)

View Cedent’s Contract Placements - Display List #

The following columns are available: The display list can be organized according to you preferences.
Refer to description in Organise Display Lists

Renew Cedent’s Contract Placements #

Establish a new insured period of a business in a cedent' contract. You will receive an option of making the new period part of the cedent’s contract or not.

1. Open the cedent’s contract. If the contract has already been renewed, select the left arrow of the insured period navigation to open the period with the business to be renewed.
2. Select the PL button (Placement List)
3. Open the business you want to renew and select its Life Cycle Tab.
4. From the menu button, select Renewal
5. On the wizard pages, fill in the information, as you require.
6. Select Next. Enter the needed information
7. Select Finish.

Renew Cedent’s Contract Placements Details: #

• You may renew a placement of a cedent’s contract independently of whether the cedent’s contract has been renewed or not.
• If the cedent’s contract is not yet renewed, the system will renew the placement as a ‘stand alone’ business insured period with no link to a cedent’s contract. Once the cedent’s contract has been renewed, the business insured period may be assigned manually.
• If you have already renewed the cedent’s contract, you will receive an option of making the new period part of the cedent’s contract or not.
• If you choose not to link the new insured period, the information will be copied from the previous business insured period.
• If you have updated the “100%” contract information for the new insured period, you may want to link the new business insured period to the contract as part of the renewal. The new business insured period will then inherit the cedent’s contract information. The insured period can in this case no longer be delinked from the contract.