Oracle® Insurance Rules Palette
Funds are initially created in the Admin Explorer at the Primary Company level. After they are created at the Primary Company level, they may be associated with specific plans. This must be done prior to setting-up allocation structures, transactions or business rules that use the funds.
All fund administration is handled in the Admin Explorer in the Funds node, where fund details can be edited and funds can be associated to plans. A fund may be associated with multiple plans.
Child funds, lateral funds and benefit funds can be created after a parent fund is set-up. Valuation will run on the child, lateral and benefit funds, unless none are created. Valuation only runs on parent funds when no child, lateral or benefit funds exist.
A complete explanation of the database tables involved in storing fund information is provided in the Fund Database Table section.
Due to the changes in the Fund table for the 9.5.0.0 GA release, fund functionality is not backwards compatible with previous V9 versions or previous V7 and V8 versions. The significant change to funds involved moving fund association from plan to company level. This eliminates the duplication of funds in multiple plans.
The following list provides a general overview of the major steps involved in setting up funds for use in OIPA.
Configure the FundScreen business rule.
Create the new fund using the Fund wizard. This wizard is accessed from the Funds node in the Admin Explorer.
Enter fund information.
Before creating funds, the FundScreen business rule must be configured. This rule allows additional fields to be configured for parent level funds. The fields configured are used when entering fund information. They store custom information need by the business in the AsFundField table.
All fields needed by the various fund types must be configured in this rule. There is no way to filter fields by fund type in OIPA so they will all display for the user. If child funds, lateral funds or benefit split funds are needed, they must be defined in this rule as well.
Steps to Configure a FundScreen Business Rule
Navigate to the Global Rules Explorer.
Expand the Business Rules folder.
Expand the Screen folder.
Right-click the FundScreen folder and select New FundScreen Override.
Select Next in the first screen of the wizard.
Open the new override rule in the Configuration Area and click the XML Source pane.
Right-click on the FundScreen.xml file and select Check-In.
FundScreen Business Rule with ParentFundField Element
Navigate to the Admin Explorer.
Expand the Administration folder.
Expand the Funds folder.
Right-click on the Company level folder where the fund will reside and select Add New Fund. The New Fund wizard will display.
Enter the fund information. Each field is described below.
Select Finish. If the Finish button is not enabled, required fund information may be missing. When complete, the Fund Detail pane opens for the new fund in the Configuration Area.
When the new fund displays in the Configuration Area, additional information can be entered in the fields that were created through the FundScreen business rule in step one.
Fields that do not apply to the fund type being created can be left blank. Since there is no validation supported, the user must determine the fields that apply to each fund type.
The image below shows a fund open in the Configuration Area. Section A contains the fund details, which are stored in AsFund and captured through the Fund wizard when the fund is first created. Section B shows the fund fields that were configured in the FundScreen business rule. The user enters information on the screen and when saved it is stored in AsFund.
Fund Information from Admin Explorer Funds Node
There are two ways to associate funds with plans. The first method only applies to parent funds, but the second method can be used by child funds, lateral funds, benefit funds or parent funds.
Regardless of the way the association between fund and plan is created, a database record is inserted into AsPlanFund, with any additional details in AsPlanFundStatus. In previous versions of the system, the information was stored in the AsFund database table.
Expand the Primary Company Name | Subsidiary Companies | Subsidiary Company Name | Plans | Plan Name.
Find the folder for the type of fund (Parent, Child, Lateral or Benefit) then expand the folder, right-click on the fund file and select Check Out.
Use the right-facing arrow button to move the plans that apply into the Attached Plans window. To remove a plan, use the left-facing arrow button to move the plan back to the Available Plans window.
Under Plan Details, select Yes in the Deposit Level Tracking drop down box to specify that the fund should be tracked at the deposit level. This is typically used for point in time valuation. If No is selected, the fund will be tracked at the fund level. Fund level tracking is the default method. This means the policy will keep the values of each fund on the policy. When Deposit Level tracking is set to Yes, then the value of each individual deposit in a fund is tracked.
Under Plan Details, the removal method can be set by selecting an option from the Removal Method drop down box. This tells OIPA how to remove money from a fund. The list is populated by AsCodeFundRemoval.
Under Plan Details, a removal precedence can be specified. This identifies the order in which money is removed from funds. Removal precedence is set by selecting an integer in the Removal Precedence drop down box. A value of zero (0) will not allow the fund to have money removed.
Check-in the file when all information has been added.
When a status is applied to a fund, it controls by date when a fund is available for selection in OIPA. This is an optional feature, as funds don't have to be restricted by date. Plan fund statuses can only be set when the fund file is checked in.
If multiple plan statuses are needed, then there must be a one day difference between the expiration date of the old status and the effective date of the new status.
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