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.
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System parameters will have the following effect on the Recovery Calculation: Refer to System Administration Guide for more information regarding_System Parameters._
Accounting - Miscellaneous # Trace Source Business from Outward Bookings
Cleared: The system is performing recovery calculation without creating a link between the outward recovery booking detail, and the business identifier of the source booking.
When cleared, the system allows you to select the check box ‘Trace Source Business’ on the Business/Accounting Info tab of an Outward Cedent’s Contract or XL CA of Outward.
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You use this condition to register how claims falling within your part of the business should be handled, how expenses should be calculated, whether interests apply and how they should be calculated, and annuity terms. Not all conditions are applicable to all types of business and the Claim Condition window varies depending on the type of business.
| Claim Condition button | Click the Claim Condition button in the Navigation bar.
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Calculate Profit Commission # If you want the SICS to calculate the Profit Commission, the conditions must be defined. Refer to Profit Commission condition. Conditions may be equal for all Retrocessionaire’s or one or more of the Retrocessionaire’s may have special Profit Commission condition entered. Profit Commission is calculated on cumulative figures per Insured Period. The Entry Codes included in the Profit Commission calculation is according to the definition of the selected Entry Code Group in the field Profit/Loss Basis.
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| Deposit Condition button | When a Business agreement includes Premium- and/or Loss Deposit conditions, you enter the details of these conditions in the Deposit conditions window. To open the Deposit conditions window, click the Deposit Conditions button on the Navigation bar. |
Dependent on the Level- and Type of Business the conditions are for information only, or basis for further calculations performed, e.g. by a Retrocession Calculation order.
(For information about each calculation method and how the Premium-and Loss Deposit are calculated for Outward Cedent’s Contract and Retrocessionaire' Participation Proportional treaties, refer to Calculate Deposits section.
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If you want the SICS to calculate the Deposit, Interest and Tax on Interest, the conditions must be defined. Refer to Handle Deposit Conditions. Conditions may be equal for all Retrocessionaire’s Participation’s (ORP’s)or one or more of the ORP’smay have special Deposit, Interest and/or Tax on Interest conditions entered.
Calculate Premium Deposit # Premium Deposit, if defined, is calculated according to the Premium Deposit regulation defined on the condition. The Premium Deposit cannot be calculated more frequent than the Accounts.
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The claim classification items give further details of both the loss characteristics, as well as the business characteristics. Since the combined information is recorded on the claim, you will have a better foundation for reports and for extracting from online claim lists including Find Claims.
The classification items are split into the Section Specific Classifications and the Claim Classifications. They can be created and edited in the Claim wizards, or on an existing claim.
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The Claim Program includes a separate Claim List tab. This tab includes two sub tabs, the Linked Claims and the Linked Claim Figures. From these you can easily view and administer claims affecting the Claim Program. The pop-up menu from the Linked Claims gives you the option to create and delete claims, move a claim from one Claim Program to another, navigate to Claim Ledger and From Ground Up Recording.
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