You may have received a new offer that should recorded and need to check that it is not already in the system, or you want to find an existing agreement that you need to update. Whatever the reason might be, the starting point of underwriting functions is typically finding a business. The Find Business feature in SICS offers a variety of searches, all from quick searches for specific businesses to more advanced searches. ...
How the Period Estimates on Proportional OCCs are populated, depends on Multi GAAP system parameter Period Estimation Calculation on Prop Outward Contracts A: When system parameter Period Estimation Calculation on Prop Outward Contracts is cleared The Period Estimates on a Proportional OCC are fed by the estimations of the protected Assumed Business. You get an overview of these estimations on the Period Estimates tab of the Proportional OCC. (Click the button on the Navigation bar of the OCC to access the Underwriters Estimates window. ...
The estimation bookings made on the Assumed Business are automatically transferred to the OCC as Original bookings. This is normal SICS functionality. In addition to this you can make adjustments to the estimations that come from the Assumed Business. These adjustments can be made at the OCC and at the Retrocessionaire level. This works only for Proportional OCC’s. Non-Proportional OCC’s has no direct connection to Assumed Business. Consequently there are no estimation bookings that are transferred automatically to the Non-Proportional OCC’s. ...
The estimations at the portfolio and business level are usually booked when preparing the book closing. An automatic calculation order called “Multi GAAP Accounting Order” does the booking of the estimates. The order does two things: Books the estimates either on the business or portfolio ledger depending on where the estimates are entered. The booked estimates are also created as status As original on the ledger of an OCC if the business or portfolio program is connected to a Proportional OCC. ...
SICS lets you automatically calculate Recoveriesby using the Non-Proportional Recovery System. Recoveries can be calculated on following levels: Protection Program, Single Outward Cedent’s Contract, XL CA Of Outward and Non-Proportional Facultative Protection. A simplified recovery calculation can also be made for proportional treaty Outwards Cedent’s Contract of type US Quota Share. For Single OCC’s and OCC’s being linked to a Protection Program, system also calculates recovery on Sub Sections. The system will calculate recovery on the lowest Sub Section level of the OCC that matches the inward claim’s scope of cover. ...
In situations where you want to update a business partner or check if the partner exist you use the search functionality within SICS. Search for Business Partner by Name # Double-click the Business Partner icon in the Partner folder on the SICS desktop. You see the Find Business Partner window. On the Name tab, enter a name, or part of the name. Click the Find Now button. You see the search results in the display list. ...
With respect to premiums, deductions, or any other items, a Non-Proportional OCC has no connection to Assumed Business. Estimations therefore cannot be driven from the estimations of any Assumed Business. To enter estimations on a Non-Proportional OCC follow the same procedures as for an Assumed Business. Note that it is not possible to attach an OCC to a Portfolio Program and therefore no default Period Estimates can be used to calculate the estimates. ...
The Period Estimate functionality on Proportional Treaty Retrocessionaires depends on Multi GAAP system parameter Period Estimation Calculation on Prop Outward Contracts A: When system parameter Period Estimation Calculation on Prop Outward Contracts is cleared The Period Estimate tab on a Proportional treaty Retrocessionaire looks and works much like the one on a Proportional OCC. The only difference is that the estimates are collected from the business ledger of the Retrocessionaire. Figures marked ‘As Booking’ are shown on this tab. ...
Underwriters most often see reinsurance contracts from the same cedent and covering the same portfolio as one program. What type of SICS program your company chooses to use, reinsurance program or cedent’s program, depends on your company’s requirements: Some prefer to maintain most information on the program level to have a strict control of that the belonging treaties are synchronized with the program. If this is a priority, please see the chapter Design Reinsurance Program. ...
The Period Estimate tab on a Non-Proportional treaty Retrocessionaire looks and works much like the one on a Non-Proportional OCC. The estimated amounts are either calculated as the Period Estimate on the OCC multiplied with the Retrocessionaire’s share, or calculated directly on the Retrocessionaire. The method can be specified for each Estimated Item. If the flag “Calculation on Retrocessionaire” is selected in the Period Estimation Rule, the item is calculated directly on the Retrocessionaire. ...