Loss Recovery Notices

When a loss payment transaction is generated by the system based on an original claim, the system checks to see if the amount recoverable exceeds the cash loss limit defined in the contract(s) from which the amount is recoverable. If a loss recovery transaction is generated which exceeds the cash loss limit, then a loss recovery notice is generated to each participant in the retrocession contract; the notice contains the details of the loss and recovery amount and can be used to generate a PDF for immediate collection from the participating retrocession reinsurers. The loss recovery notice functionality can also be used in an MGA or pool scenario where a recovery notice for each participant in the pool is generated, and used to generate PDFs for immediate collection from the participating members.