How to update key accounting and settlement information in Supercede
General info
- The Accounting tab will become available when one option for a deal reaches FOT stage.
- All layer information will be derived from the option that has been taken to FOT.
- All fields are optional. A deal can be bound without any accounting or settlement information in the accounting tab.
- Brokers and markets do not have access or visibility of the accounting tab.
1. Entering accounting info
Go to the accounting tab of the applicable deal.
Work through the menu on the lefthand side to review / enter information.
The options are based on the deal type (proportional / non-proportional).
Internal layer references
Enter the internal layer references for each purchased layer. Typically these are derived from a cedent's policy admin system or reinsurance order form.
These are not the UMRs or contract numbers.
Premium payment schedule
Enter a premium payment warranty (optional) and the premium payment schedule date that relates to the deal.
Cedent participation
Enter the participation percentage and Year of Account for each cedent legal entity being reinsured.
The Year of Account this is not derived from the inception date.
Totals must equal 100% for each layer.
Expenses and costs
Applicable for proportional deals only.
Enter any internal expense and original acquisition cost percentage that relate to the deal.
Max recoverable
Applicable for non-proportional deals only.
Enter the maximum recoverable for each XoL layer.
Market information
For each authorised stamp, enter the premium payable and the brokerage rebate percentage. If applicable enter the collateralised sum and collateral type relating to the stamp.
Cash loss
Applicable for proportional deals only.
Enter the cash loss limit threshold and the period in days that relate to the deal.
Reporting requirements
Proportional layers
Enter the account frequency, account due date and period of credit that relate to the deal.
Non-proportional layers
Enter the adjustment frequency, first adjustment date, final adjustment date and period of credit that relate to the deal.