Note: Users must have the authority,"Edit Agency Book Transfer," and "Issue ABT Cancel Rewrite" (Policy Processing group) to enter an ABT Cancel-Rewrite on a policy.
Agency Book Transfers (ABT) are very common and occur when agencies are bought, sold, merged or when parties within an agency leave to open an agency or become employed by a different agency. It is a normal process to have these book transfers occur on a specific date or during the renewal (or anniversary period) of the policies affected by the transfer.
A policy can be transferred from one (1) agency to another by doing a manual ABT Cancel-Rewrite transaction. The transaction type the new policy is rewritten to is determined by the effective date of the transfer. If the transaction effective date falls on the renewal or anniversary date, the ABT Cancel-Rewrite is rewritten to a Renewal image on the new policy. If the transaction date falls on some date other than the renewal or anniversary date, the ABT Cancel-Rewrite is rewritten to a Rewrite Prorata image on the new policy.
Issued (Active) policies having a Renewal Underwriting transaction have two (2) images created in the new policy record after ABT. On a Manual ABT transaction, an agency is changed. When the policy is issued, the “Active” image is copied to the “New” policy. After issuance, the system then looks for any renewal underwriting image and creates a second image if one exists. The Renewal Underwriting transaction is then updated at renewal.
Note: Prior to doing an ABT Cancel-Rewrite, determine if a new policy number should be generated for the policy the ABT is being transferred to, or the ABT policy should retain its original policy number. Additionally, determine whether or not all printing will be suppressed for ABT Cancel-Rewrites. The system can prevent all printing except for invoices on anniversary or renewal transactions.
Access the client's policy.
From the Navigation / Transaction Links Pane on the left, click ABT Cancel-Rewrite.
Once the Transaction Information screen displays, enter or select the following:
Trans Eff Date: Defaults from the system date; change if necessary.
Transaction Source: Select a Transaction Source from the combo box.
Transaction Reason: ABT Cancel-Rewrite is the only available option.
Remarks: Enter any comments that apply to the ABT Cancel-Rewrite.
Transfer To: Select either the User or Queue radio button and indicate the appropriate user name or user queue to which the transaction task is assigned.
Select the Submit button.
When the policy is displayed, make your changes (including changing the agency).
Rate / Issue the policy.
Use the Policy History screen to see your policy. To see detail, use the View Changes button.
Note: The type of "Status" displayed depends on the transaction effective date. If the transaction is being rewritten based on renewal or anniversary date, the status displayed is "Renewal." If the transaction effective date is a date other than the renewal or anniversary date, the status displayed is "New Business (Rewrite Pro Rata)."