LREACT Life reinsurance activity

TBG8 Insurance

The LREACT message is used by companies to exchange insured and policy coverage detail for reinsurance purposes. The message will be used for both ceded and assumed reinsurance.

The trading partners utilizing the Life reinsurance activity message will be direct companies, reinsurance companies, reinsurance intermediaries and retrocessionaires. The message will be used to transmit data required by ceding and assuming companies to maintain the records on reinsured cessions. This data supports the reinsurer's ability to appropriately account for, manage, study, value (reserve) and complete their financial reporting. It also facilitates the reconciliation of the reinsurance records in order to maintain the integrity of the data between the trading partners.

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Header

Position
Segment
Name
Max use

  1. A service segment starting and uniquely identifying a message. The message type code for the Life reinsurance activity message is LREACT. Note: Life reinsurance activity messages conforming to this document must contain the following data in segment UNH, composite S009: Data element 0065 LREACT 0052 D 0054 19A 0051 UN

    1. Data element S009/0057 is retained for upward compatibility. The use of
    S016 and/or S017 is encouraged in preference.
    2. The combination of the values carried in data elements 0062 and S009 shall
    be used to identify uniquely the message within its group (if used) or if
    not used, within its interchange, for the purpose of acknowledgement.

  2. This segment specifies a message code which indicates whether this message contains policy status information, policy activity information or both.

  3. A segment specifying the reporting period ending date.

  4. A segment identifying the default currency and its scaling factor for monetary amounts in this message.

  5. A segment identifying a person(s) or department(s), and their function(s), to whom communications should be directed.

  6. A segment with free text information, in coded or clear form, used when additional information is needed but cannot be accommodated within other segments. In computer to computer exchanges such text will normally require the receiver to process this segment manually.

Detail

Position
Segment
Name
Max use
  1. Segment group 1
    Repeat 999999

    1. This indicator specifies a code which indicates whether this group is a policy, insured, coverage or relationship group.

    2. A segment identifying references conditional upon the general indicator above: - for a policy group: the policy number and case identifier. - for an insured group: a unique number identifying each of the insureds and optionally an original policy number from which a continuation resulted. - for a coverage group: a unique number identifying each of the coverages on a policy, the policy form number, the plan code and the rate band indicator. - for a relationship group: the unique number identifying the insured and the unique number identifying the coverage applied to that insured. This allows insured groups and coverage groups to be related to each other.

    3. A segment providing attributes conditional upon the general indicator above: - for a policy group: the policy activity currently being reported - for an insured group: the insured's gender - for a coverage group: the attributes of the coverage are described.

    4. A segment specifying general dates or durations related to the policy, the insured or the coverage. - for a policy group: the transaction effective date - for an insured group: the insured's birth date and the mortality rating expiry date - for a coverage group: dates associated with the coverage are defined.

    5. A segment with free text information, in coded or clear form, used when additional information is needed but cannot be accommodated within other segments. In computer to computer exchanges such text will normally require the receiver to process this segment manually.

    6. Segment group 2
      Repeat 1

      1. A segment indicating if the policy is single life or joint life.

      2. A segment giving location information for the place of issue and the owner place of residence.

      3. A segment providing the transaction sequence number. This segment is required when the BGM indicates that the message contains transaction activity.

      4. A segment identifying the default currency and its multiplying factor for all monetary amounts in this policy.

      5. A segment identifying the names of the parties, in coded or clear form, and their functions relevant to the message. Identification of the direct writing company of this policy and any intermediary, third party administrator, of this policy. It is recommended that where possible only the coded form of the party identification should be specified; e.g. if the direct writer and intermediary names are known to the sender and receiver, then only the coded identification is required.

    7. Segment group 3
      Repeat 1

      1. A segment specifying the mortality or morbidity rating of the insured. The underwriting table rating assigned to the insured is generally expressed as a percentage where 100% is standard. Any rating scheme, however, can be used with agreement between the sending and receiving companies.

      2. A segment identifying the name and universal identifier of the insured.

      3. A segment giving the location of the insured's place of residence.

    8. Segment group 4
      Repeat 1

      1. A segment giving insurance cover risk type.

      2. A segment specifying the mortality or morbidity rating, the Cost of Living Adjustment benefit for disability income riders and mortgage interest rate associated with mortgage plans.

      3. A segment providing the occupation class of the insured for purposes of this coverage as defined by the issuing company (required for disability income coverages).

      4. This segment will be used to provide both the reinsurer's and the cedent's treaty identification for this coverage.

      5. This segment identifies the insured's place of residence for this coverage.

      6. Segment group 5
        Repeat 99

        1. A segment specifying a monetary amount.

        2. A segment specifying the purpose of the monetary amount.

      7. Segment group 6
        Repeat 99

        1. A segment specifying the rate at which the flat extra premium is calculated per unit.

        2. A segment specifying the basis for calculating the flat extra premium e.g. face or net amount at risk.

        3. A segment specifying the duration for charging the additional flat extra premium.

        4. Segment group 7
          Repeat 99

          1. A segment specifying a monetary amount.

          2. A segment specifying the purpose of the monetary amount.

      8. Segment group 8
        Repeat 99

        1. A segment providing the purpose of the valuation e.g. United States Tax, Generally Accepted Accounting Principles, etc.

        2. A segment identifying the standard mortality or morbidity table, the standard function, the standard method and substandard method used in calculating this reserve.

        3. A segment specifying the standard interest rate used in calculating reserves for this coverage.

        4. Segment group 9
          Repeat 99

          1. A segment specifying a monetary amount.

          2. A segment specifying the purpose of the monetary amount.

  2. A service segment ending a message, giving the total number of segments in the message (including the UNH & UNT) and the control reference number of the message.

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