Reinsurance Process-A high level and general description

Reinsurance Placement

Reinsurance Accounts

and Settlements

Reinsurance Process-A high level and general description

Marketing by MIBL, MIBL approaches Reinsureds and Reinsurers-potential business partners for MIBLReinsured seeks reinsuranceReinsured sends formal request and advice to broker (MIBL) as broker in their recordReinsurance requirement can be for a risk or placement of a treatyMIBL prepares a "Quote Slip" with brief details of the proposed reinsuranceProspective reinsurer seeks clarificationsProspective reinsurer indicates willingness to write a share --known as Written Share-which is expressed as a percentage of the total reinsurance offeredWillingness of propspective reinsurer made known to ReinsuredSimilar willingness from other prospective reinsurersThose too advised to ReinsuredReinsured finalises who or who all it wants as Reinsurers and at what shares of the total reinsurance placedAceptance of Reinsured and at what shares the Reinsured want , advised to prospective ReinsurersThis 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 by the Reinsurers and agreed by the Reinsured. This Slip is known as "Signing Slip" and is different from the "Quote Slip" mentioned earlier.Reinsurer signs the "Signing Slip" and returns to MIBLMIBL forwards a copy of the Signing Slip to the ReinsuredMIBL prepares a Cover Note which confirms the cover placed by usCover Note gives same details as the Signing Slip except the brokearage since brokerage is paid by Reinsurer

MIBL RI Accounts prepares and sends invoices-Debit Note to Reinsured for premium due by them and Credit Note to Reinsurer for premium due to ReinsurerMIBL RI Accounts advises MIBL bank account details to Reinsured to receive the Reinsurance premiumReinsurers advise their bank account details to MIBL to receive premiumMIBL RI Accounts raises Payment Requests and sends them to Accounts DepartmentAccounts Department completes statutory and regulatory formalities and processes paymentsAccounts Department sends advices to banks to settle to ReinsurersReinsurers get credit in their bank account and advised currencyMIBL Accounts advise Reinsurers about funds remitted and value date on which the Reinsurer will get creditReinsurers acknowledge receipt of premium

Facultative TreatyProportional ProportionalNon Proportional Non Proportional

FirePropertyEngineeringFire & EngineeringNon MarineMarineMotorLiabilityAviationAll Risk

Quota ShareFirst SurplusSecond SurplusFacultative ObligatoryRisk Excess Of LossCatastrophe Excess Of LossWhole Account Excess Of LossUmbrella Excess Of Loss

NameAddressCityCountryPhoneFaxE-mailRole >>>>> Risk InsuredRatingRating Agency S&P A.M.BestOffice Status-1 Branch Head Office

Office Status-2 Underwriting Office Liability Accepting Office

Contacts

Reinsured Reinsurer Producing Broker Placing Broker

FitchRepresentative Office Administrative Office

Underwriting Agent Lloyd's Syndicate

HonorificFirstSecond NameSurnameCompanyCompany BranchDepartmentSectionDesignationPhone Number-BoardPhone Number-DirectMobile-1Mobile-2FaxE-mail-1E-mail-2

Conversion to INRRATE OF EXCHANGE TO INDIAN RUPEES

Currency Apr May Jun Jul Aug Sep Oct Nov Dec

India Rupee INR 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000Bangladesh Taka BDTPaksitan Rupee PKRSri Lanka Rupee LKRSingapore Dollar SGDMalaysia Ringgit MYRUSA Dollar USDAustralia Dollar AUDIndonesia Rupiah IDRSouth Korea Won KRWChina Yuan CNYUAE Dirham AEDBahrain Dinar BHDQatar Rial QARMauritius Rupee MUROman Rial OMRKuwait KWD Dinar

RATE OF EXCHANGE TO INDIAN RUPEESJan Feb Mar

1.0000 1.0000 1.0000

Quote or Quotation SlipReinsuredReinsurerReinsurance DetailsGeneral ConditionsSpecial ConditionsSeveral LiabilityRisk DetailsClass Of BusinessPeriodFacultative or TreatyProportional Or Non ProportionalType of Excess Of LossReinstatementsPremium Deposit PremiumMinimum PremiumMinimum & Deposit PremiumEarned PremiumAdjustment PremiumAdditional PremiumRefund PremiumCommissionOverriding CommissionBrokeragePremium in InstallmentsTransactions in INR or otherwiseExchange Gain or LossClaimsClaims SettlementsReinstatements Of Covers

MIBL Lead Broker >>>K.RaghunathV. KrishnakumarMohammed Noorani

MIBL Accounting Contact T.YegnanarayananThangam Maharajan

Producing Broker

Placing Broker

RiskInsuredReinsuredReinsurerLead ReinsurerProducing BrokerPlacing BrokerUnderwriting AgentLloyd's Syndicate

Location & Address DetailsOffice DetailsCategory Facultative TreatyType Proportional Non ProportionalPeriodClass Of BusinessReinsurance DetailsLayerCurrencyDeductibleReinstatementsRetentionQuota Share PercentageSurplus LinesTreaty LimitOur OrderStatusWritten LineSigned Line100% Gross Premium100% Net PremiumReinsurance Commission %Reinsurance Brokerage %Service Tax

Income Tax (T.D.S.)InstallmentsRatingRating AgencyIncome MonthIncome Year