Inherit Conditions on Business Sections # A business can be divided into section s, cessions and declarations, and each of them can inherit business conditions and classifications
The condition information that is inherited is information entered or edited on the main section of the business. For example, if you create a section of a business that inherits Deduction conditions, when the Deduction conditions are updated on the main section where they were defined, inherited Deduction Conditions are automatically updated.
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The purpose of this order is to calculate the difference between the booked estimated values and the accounted figures. The calculated difference is booked as accrual. If the accruals of the Assumed side is not transferred to the retrocession side by the Retrocession Estimation Calculation order the Multi GAAP Retrocession order must be run in order to get accruals calculated.
The Multi GAAP Retrocession order will perform the following:
It books the estimates in the Period Estimates tab on the Non-Proportional Retrocessionaire’s “as Booking”.
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An agreement can be split into two or more section s. A section can be further split into sub section s, which again can be split into sub, sub section s, etc.
An agreement/section can also be split into cessions and declarations (cession without insurable object).
A cession can be split into declarations, but declarations cannot be split.
Get Overview of Sections, Cessions and Declaration # Get Detailed Overview # When you click Structure tab on the business, you see the Section Overview window.
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Recovery Calculation with Indexation - Calculation when multiple base index # Index clause
UK Cost Index - Base Index Date 01/01/2011 - Contractual Base Index 100 Standard index - cover increases - payments
Limit: 400,000 xs 100,000
UK Cost index
Date Value Conversion factor 01.01.2011 100 1.0000 01.01.2012 110 1.0000 01.01.2014 120 1.0000 01.
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| Share Conditions button | Share condition in SICS represents the conditions relating to the portion (often called line) a reinsurer participates with in a contract. Shares are some of the most central terms and conditions in an agreement and are used in numerous administrative functions in a company. This is also the case in SICS, where shares are used extensively in all from calculation of your part of premiums and claims to calculation of retroceded percents.
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SICS lets you calculate and book three types of premium reserves automatically: Original Premium Reserves, Financial Premium Reservesand Unearned Premium Reserves.
Each of these functions calculates and books the respective amounts according to its defined rules.
The result of the Automatic Booking of Premium Reserves are booked with Entry Codes defined in the System Parameter Accounting/Entry Codes/Accounting Function (refer to the Accounting Functions listed below).
The Accounting Function used for the calculations depends on the type of reserve orders you are running:
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Find Business Partner # The find business partner window is described in a separate chapter in the User Guide. You can search for partners using eMessaging agency and party identifier pair. This can be useful if a pair you are trying to add to a partner is rejected because it is already assigned to another partner.
View eMessaging Details # eMessaging details are accessed from the View Business partner window.
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Losses within the same category often develop in similar ways over time. Specific patterns of loss development can help the underwriter to e.g. calculate IBNR reserves.
Loss Development Pattern selected on Portfolio Program is inherited to linked Assumed Businesses. Inherited Loss Development Pattern can be overridden on Assumed Businesses - values can be changed or a completely different Loss Development Pattern can be selected.
Register Incurred Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Incurred Development Curve subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register Paid Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Paid Development Curve subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register a second Incurred Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Incurred Development Curve 2 subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register a second Paid Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Paid Development Curve 2 subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Your system may have been set up to automatically update Loss Development Curves whenever an update is made in system parameters.
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The recovery calculation excludes claim details that fall outside the scope of cover of the Outward Cedent Contract (OCC) or XL CA of Outward (XLCA). To follow up these uncovered amounts you can produce a deviation report after you have run a recovery calculation order. It displays all claim details that remain uncovered with the reason for not being recovered.
The report is applicable for Recovery Calculation for Protection Program and Single OCCs.
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SICS lets you automatically calculate Reinstatement Premium for your non-proportional Outward Cedent’s Contracts or XL CA Of Outward. The automatic calculation of a Reinstatement Premium is based upon Reinstatement Conditions, Recoveries and Premiums.
If Recovery Bookings created via the Recovery Calculation Order have been created on a sub section of an OCC, the system will calculate and book reinstatement premium on the same sub section.
Reinstatement Conditions # Click the Reinstatement Conditions button to see the Reinstatement Conditions window.
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