|THE CLAIMS SETTLEMENT PROCEDURE IN VIEWPOINT OF TRUST ALLIANCE|
| Treaty Preliminary Loss Advice (PLA)
Trust Alliance upon receipt of the PLA from Promiseland, will check whether they are involved in the earthquake.
If they are involved and the loss exceed the cash call limit, the following is done:
- Stamp a serial number on the PLA document
- Record it into a claim record sheet
- If Promiseland has made any previous claims, Trust Alliance will attach the previous claims documents with the PLA and raise a claim slip. If this is the first PLA that Promiseland has submitted, Trust Alliance will proceed directly to raise the claims slip.
- Next, the underwriter of Trust Alliance will authorize the PLA and key the particulars of claim into the claims screen and ledger. He will also update the SICS claims record sheet.
These entries are then audited once a week. The underwriter or his assistant will then file the PLA into the claims file.
If they are not involved in the earthquake or if the loss does not exceed the cash call limit, the following is done:
- Trust Alliance will inform the cedent or broker, file the PLA into the claims file and await for further advice from the latter.
- After the claim has been paid, the assistance will record the date of payment and payment voucher number into the cash call file.
- Entries will be audited weekly.
- Documents of the claim will be filed into the claims file.