Multi Currency Support.

When setting up a reinsurance contract, the user sets a technical accounting currency for that contract. Each contract can have a different technical accounting currency. For example, an assumed ceding contract can be in USD while the associated retention contract can be in Euro and the associated retrocession contract can be in GPB. Different assumed ceding or retrocession contracts for the same risk can also have different currencies specified.

When a transaction is submitted, theTechnical Accounting Management Server converts the transaction amount (as well as other associated figures, such as original sum insured and current reserve) to the currency of the applicable contract prior to any calculations being made. This includes offsets for the associated retention contract.

This ensures that all automated transactions booked to the contract are in the technical accounting currency of the contract in question, regardless of the currency of the original policy or any related contracts. The original amounts in their original currencies are also stored in the system for reference, auditing, and reporting. The exchange rates used in these conversions are stored in a single central repository, which can be maintained through the business administration facility of the system. The system also maintains a history of these exchange rates for auditing and reporting.

This provides a comprehensive, automated, and centralized solution for providing statements of account in the technical accounting currency of the reinsurance contract.