IIA 81212 - Issue With Reinsurance Financial Statement For GMM RI
(Doc ID 2918251.1)
Last updated on JANUARY 02, 2023
Applies to:Oracle Insurance Accounting Analyzer - Version 8.0.6 and later
Information in this document applies to any platform.
As part of IIA 81212, the formula for ‘Reinsurance Recovery’ and 'Insurance Expense Reinsurance contracts' (under P&L section for GMM RI) has changed from what was there for earlier versions (81201).
For 'Reinsurance Recovery’:
Old formula: ([N_RI_REC_INC_CLAIMS_RECOVERED]+
(-1*([N_RI_REC_GAIN_RECOG_INCEPTION]+ [N_RI_REC_GAIN_RVSRL_GAIN_COMP] + [N_RI_REC_GAIN_CHG_FCF_UNDLYING]+[N_RI_REC_GAIN_INSSERV_EXP_INCR])))
New formula in 81212: (-1)*([N_RI_REC_CHG_RSK_NON_PERF] + [N_RI_REC_RSK_ADJ_REL] +[N_RI_REC_INC_CHG_ADJ_INCRR_CLM] +[N_RI_EXPREC_REMCOV_CHG_GAINCOM])+
Similarly, the formula has been changed for 'Insurance Expense Reinsurance contracts'.
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