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Reinsurance PDF Print

Reinsurance

Reinsurance tracking is part of the FIMMAS base system. FIMMAS determines the total amount of insurance inforce by insured Social Security number. The amount of existing coverage plus the amount applied for can be compared to the company's retention limit, to check for the need to reinsure a case. FIMMAS easily calculates the amount of insurance and reinsurance inforce on existing policies.

FIMMAS also provides an optional module for the administration of reinsured contracts. The reinsurance module includes net reinsured amount, age, substandard ratings, risk class, sex code, and other variables to compute the reinsurance premium. The module also calculates allowances. Each benefit, rider, or supplemental coverage can be reinsured with one or more carriers under multiple treaties. FIMMAS can also interface with an external reinsurance system.

Reinsurance administration activities for handling YRT, coinsured, modified coinsured, and self-administered reinsurance include:

  • Definition and maintenance of automatic and facultative reinsurance treaties.
  • A policy may be reinsured with multiple reinsurers and treaties.
  • Definition and maintenance of premium rate tables and allowance tables.
  • Calculation of reinsurance premiums and allowances.
  • Calculation of reinsured net amount at risk.
  • Calculation of billing adjustments for policy changes and/or termination
  • Billing of all self-administered policies by reinsurer and/or reinsurance treaty.
  • Capture and maintenance of reinsurance records that detail the contracts and amounts reinsured.
  • Capture of historical data that details transactions affecting reinsurance and reinsurance billing.
  • A complete audit trail.
  • A link to reserves for reserve credits.
  • No limit to the number of reinsurers on a policy.
  • Automatic processing of changes to retention. Revised retention limits can be entered and will immediately take effect for any new reinsurance cases. The system does not currently adjust reinsurance for existing cases when the retention limit is changed.
  • A variety of on-line inquiries and management reports.
 
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