2.1.18.1 Payment Details

This topic explains the payment details of Garnishee Details button in the Policy Maintenance Detail screen.

Garnishee payment will be made only if the bank account in Journal/Annuity screen is a valid UH bank account. If there is any other bank account (like a third party) mapped then the garnishee amount will not be deducted from the proceeds. The entire surrender proceeds will be given to the bank account mapped in the /Journal/Annuity Screen.

Garnishee amount will be paid only if garnishee is effective on the transaction date of the policy surrender or annuity transaction irrespective of when the settlement or allocation happen. For instance, if the end date for Garnishee is 3rd March 2015. And the Out transaction gets generated on 2nd March’2015 with a lag (price, settlement or allocation) and the settlement happens on 5th March’2015.

In this case the settlement date is later than the garnishee effective date but since the garnishee was effective on the transaction date, garnishee will receive his share of payout. Similarly, the system should also check this when future or back dated transaction enters the system. For instance, if the garnishee effective date is from 1st March and a back dated transaction of 1st Jan gets into the system then the system should not pay anything to garnishee. If the garnishee is effective till 30th March and if a future dated transaction of 1st April is posted into the system, then the system should not pay the garnishee.

• If the Annuity is insufficient to furnish all the garnishee orders associated with it, then no payment should be made either to the annuitant or to any of the garnishees attached to the annuity.
• The system will log error while generating annuity, if garnishee amount or sum total of garnishee amount (in case of multiple garnishee) is greater than annuity amount. You can either reverse the annuity amount and pass an annuity journal entry with correct annuity amount or update garnishee amount appropriately.

In case of reversal of transaction, the amount paid to the policy holder will get reversed along with the amount that has been paid to the garnishee. However, you cannot reverse only the garnishee payment or one of the multiple garnishee payments. In case of a reversal, the amount recovery should be handled operationally.

• If the Annuity is insufficient to furnish all the garnishee orders associated with it, then no payment should be made either to the annuitant or to any of the garnishees attached to the annuity.
• For annuity transactions the Account currency of garnishee should be same as Policy base currency.

1. On Garnishee Details screen, click Payment Details button to enter the details.
   The Payment Details screen is displayed.

   Figure 2-20 Policy Maintenance Detail_Garnishee Details Button_Payment Details

   
   

   

   
   
2. On Payment Details screen, specify the fields.
   For more information on fields, refer to the field description table.

   Table 2-23 Payment Details - Field Description

   Field	Description
   Bank	Alphanumeric; 12 Characters; Mandatory Specify the bank code. Alternatively, you can select the bank code from the option list. The list displays all valid bank code maintained in the system.
   Payment Branch Code	Alphanumeric; 12 Characters; Mandatory Specify the payment branch code. Alternatively, you can select the payment branch code from the option list. The list displays all valid payment branch code maintained in the system.
   Account Type	Numeric; 1 Character; Mandatory Specify the account type. Alternatively, you can select the account type from the option list. The list displays all valid account type maintained in the system.
   Account Number	Numeric; 34 Characters; Mandatory Specify the account number. Alternatively, you can select the account number from the option list. The list displays all valid account number maintained in the system.
   Transfer Account Currency	Alphanumeric; 3 Characters; Optional Specify the transfer account currency code. You can amend this value.
   Account Holder Name	Alphanumeric; 100 Characters; Optional Specify the account holder name.

3. Click Save when you have entered all the mandatory information.

   The following confirmation message Record Successfully Saved is displayed.

4. Click Ok button.

   This indicates the record has been saved.