Reinsurance Process-A high lev

Reinsurance
Placement

Reinsurance
Accounts
and
Settlements

Reinsurance Process-A high level and genera

Marketing by MIBL, MIBL approaches Reinsureds and Reinsurers-potential business partners for MIB
Reinsured seeks reinsurance
Reinsured sends formal request and advice to broker (MIBL) as broker in their record
Reinsurance requirement can be for a risk or placement of a treaty
MIBL prepares a "Quote Slip" with brief details of the proposed reinsurance
Prospective reinsurer seeks clarifications
Prospective reinsurer indicates willingness to write a share --known as Written Share-which is expre
Willingness of propspective reinsurer made known to Reinsured
Similar willingness from other prospective reinsurers
Those too advised to Reinsured
Reinsured finalises who or who all it wants as Reinsurers and at what shares of the total reinsuranc
Aceptance of Reinsured and at what shares the Reinsured want , advised to prospective Reinsurers
This is known as 'Signing Down' and shares finalised are known as "Signed Share"
MIBL prepaes a Slip again to the Reinsurers who are finalised including in it all the changes sought
This Slip is known as "Signing Slip" and is different from the "Quote Slip" mentioned earlier.
Reinsurer signs the "Signing Slip" and returns to MIBL
MIBL forwards a copy of the Signing Slip to the Reinsured
MIBL prepares a Cover Note which confirms the cover placed by us
Cover Note gives same details as the Signing Slip except the brokearage since brokerage is paid by

MIBL RI Accounts prepares and sends invoices-Debit Note to Reinsured for premium due by them a
MIBL RI Accounts advises MIBL bank account details to Reinsured to receive the Reinsurance premi
Reinsurers advise their bank account details to MIBL to receive premium
MIBL RI Accounts raises Payment Requests and sends them to Accounts Department
Accounts Department completes statutory and regulatory formalities and processes payments
Accounts Department sends advices to banks to settle to Reinsurers
Reinsurers get credit in their bank account and advised currency
MIBL Accounts advise Reinsurers about funds remitted and value date on which the Reinsurer will g
Reinsurers acknowledge receipt of premium

Facultative
Proportional
Non Proportional

Treaty
Proportional
Non Proportional

Fire
Property
Engineering
Fire & Engineering
Non Marine
Marine
Motor
Liability
Aviation
All Risk

Quota Share
First Surplus
Second Surplus
Facultative Obligatory
Risk Excess Of Loss
Catastrophe Excess Of Loss
Whole Account Excess Of Loss
Umbrella Excess Of Loss

Name
Address
City
Country
Phone
Fax
E-mail
Role >>>>>
Rating
Rating Agency
Office Status-1
Office Status-2

Contacts

Risk
S&P
Branch
Underwriting Office

Insured

Reinsured

Reinsurer

A.M.Best
Head Office

Fitch
Representative Office

Administrative Office

Liability Accepting Office

Producing Broker

Placing Broker

Underwriting Agent

Lloyd's Syndicate

Honorific
First
Second Name
Surname
Company
Company Branch
Department
Section
Designation
Phone Number-Board
Phone Number-Direct
Mobile-1
Mobile-2
Fax
E-mail-1
E-mail-2

Conversion to INR
Currency
India
Bangladesh
Paksitan
Sri Lanka
Singapore
Malaysia
USA
Australia
Indonesia
South Korea
China
UAE
Bahrain
Qatar
Mauritius
Oman
Kuwait

Rupee
Taka
Rupee
Rupee
Dollar
Ringgit
Dollar
Dollar
Rupiah
Won
Yuan
Dirham
Dinar
Rial
Rupee
Rial
KWD

INR
BDT
PKR
LKR
SGD
MYR
USD
AUD
IDR
KRW
CNY
AED
BHD
QAR
MUR
OMR
Dinar

Apr

May

RATE OF EXCHANGE TO INDIAN RUPEES

Jun
Jul
Aug
Sep

1.0000 1.0000 1.0000 1.0000 1.0000 1.0000

E TO INDIAN RUPEES
Oct
Nov

Dec

Jan

Feb

Mar

1.0000 1.0000 1.0000 1.0000 1.0000 1.0000

Quote or Quotation Slip

Reinsured
Reinsurer
Reinsurance Details
General Conditions
Special Conditions
Several Liability
Risk Details
Class Of Business
Period
Facultative or Treaty
Proportional Or Non Proportional
Type of Excess Of Loss
Reinstatements
Premium
Deposit Premium
Minimum Premium
Minimum & Deposit Premium
Earned Premium
Adjustment Premium
Additional Premium
Refund Premium
Commission
Overriding Commission
Brokerage
Premium in Installments
Transactions in INR or otherwise
Exchange Gain or Loss
Claims
Claims Settlements
Reinstatements Of Covers

MIBL Lead Broker >>>

MIBL Accounting Contact

K.Raghunath
V. Krishnakumar
Mohammed Noorani
T.Yegnanarayanan
Thangam Maharajan

Producing Broker
Placing Broker
Risk
Insured
Reinsured
Reinsurer
Lead Reinsurer
Producing Broker
Placing Broker
Underwriting Agent
Lloyd's Syndicate

Location & Address Details

Office Details
Category
Type
Period
Class Of Business
Reinsurance Details
Layer
Currency
Deductible
Reinstatements
Retention
Quota Share Percentage
Surplus Lines
Treaty Limit
Our Order
Status
Written Line
Signed Line
100% Gross Premium
100% Net Premium

Facultative
Proportional

Reinsurance Commission %
Reinsurance Brokerage %
Service Tax
Income Tax (T.D.S.)
Installments
Rating
Rating Agency
Income Month
Income Year

hnakumar
mmed Noorani
nanarayanan
gam Maharajan

Treaty
Non Proportional