| Reserve Condition button | When a business agreement includes Premium and/or Loss Reserve conditions, the details of these conditions can be entered in the Reserves Conditions window. |
Dependent on the Level-and Type of Business the conditions entered are for information only, or basis for further calculations performed, e.g. by a Retrocession Calculation order.
When an Assumed Business and/or an Administration Business are placed from a Cedent’s Contract, they inherit Premium- and Loss Reserve conditions of the Cedent’s Contract.
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If you want the SICS to calculate the Reserve, the conditions must be defined. Refer to Reserve conditions. Conditions must be equal for all Retrocessionaire’s (no special Reserve condition).
Calculate Premium Reserves # Premium Reserve, if defined, is calculated according to the frequency defined on the conditions. The Premium Reserve cannot be calculated more frequent than the Accounts. If Premium Portfolio Withdrawal is defined the Premium Reserve booked for the Insured Period will be reversed when running the last Account of the Insured Period.
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If you want the SICS to calculate the Portfolio, the conditions must be defined. (Refer to Portfolio conditions.) Conditions must be equal for all Retrocessionaire’s (no special Portfolio condition).
Calculate Premium Portfolio # Premium Portfolio Withdrawal, if defined, is calculated and booked when you run the last Account of an Insured Period. Note that a year must be entered in the field ‘Last Accounting Year’ on the Administration Conditions of the OCC when Premium Accounting Basis ‘Run-Off’, if not, no Portfolio is booked to the ORP.
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Release date # April 12th. 2019