Co-Existence Deck 3 Flashcards
What should be done before creating a receipt for a new intermediary in Gencon?
Before creating a receipt against an intermediary pushed from BaNCS to Gencon, user should first create a deal in Gencon for that intermediary.
What is a deal?
Deal is nothing but a mapping of the intermediary code with a product code and a chola branch office code. This is stating that that intermediary is allowed to transaction business in that product through that chola branch. Unless deal is created Gencon will not allow receipt creation against that intermediary.
What is the equivalent of deal in BaNCS?
Policy Issuance Condition Master.
What is the control in BaNCS to prevent duplicate payments from Gencon for claims approved in BaNCS?
If the claim approval in BaNCS is withdrawn, then the credit note in Gencon awaiting disbursement should be automatically cancelled.
If for some reason, the credit note cancellation fails, then the system should not allow withdrawal of that payment approval in BaNCS.
If the disbursement in Gencon is already completed, then BaNCS should not allow user to withdraw the claim approval in BaNCS without first cancelling the disbursement in Gencon.
What is the logic required in Gencon for additions related to Intermediary Master and IRDA license master?
In Gencon, the IRDA license master and Intermediary (IMD) master are separate entities. A new IMD can only be created if its license number already exists in the License master. When Bancs pushes an IMD with a new license number to Gencon, Gencon must first check if this license is linked to an existing IMD. If it’s not, Gencon should create a new record in the IRDA license master using this license number, and then create a corresponding IMD record in the IMD master.
What is the logic required in Gencon for modifications related to Intermediary Master and IRDA license master?
License #: When BaNCS sends a modification record with an updated license number to Gencon, Gencon must first check if this license is linked to an existing IMD other than the intermediary for which this modification is being sent. If it’s not, Gencon should update the existing record in the IRDA license master and IMD master using this updated license number.
License Expiry Date: When this is updated the already existing record for this license #, IMD combination should be updated.
What is the meaning of lower TDS?
Lower TDS implies, for certain parties, TDS will be calculated at lower rates upto a specified limit. For example, TDS will be calculated for intermediary A at 2% for commissions up to Rs 1,00,000 instead of at the usual rate of 10%.
In co-existence where are lower TDS details maintained?
This lower rate and limit will be specified in the Gencon Global TDS Master.
Details of lower rates defined in this master will be pushed to BaNCS and should be viewable in BaNCS in the Lower TDS Certificate Details screen within the Accounts Module.
What happens at the time of policy issuance or processing of other lower TDS impacting transaction in BaNCS ?
For transactions in BaNCS involving parties with a lower TDS rate defined in Gencon, BaNCS should apply this lower TDS rate up to the specified limit. For instance, when issuing a policy, BaNCS calculates the TDS on commissions at the lower rate until the limit is reached. Details of the policy issuance and the used lower TDS limit are sent to Gencon, which then provides the remaining lower TDS balance. Gencon adjusts for the consumed amount from BaNCS, and BaNCS uses the remaining balance from Gencon for future TDS calculations.
What was the issue noted with Lower TDS in BaNCS with respect to lower TDS on commission on IMD?
One issue noted with TDS in BaNCS is that TDS is calculated at the time of proposal binding (when the payment cycle gets generated). So any proposals which are yet to get converted to policies will also consume the lower TDS limit. BaNCS should calculate lower TDS only at the time of policy issuance, but there is some technical challenge in implementing this and this is still an open issue as at 15-Nov-2023.
What is the geographical hierarchy in BaNCS?
In BaNCS, Pincode is the parent location for Area, City/District is the parent location for Pincode, State is the parent location for City/District and Country is the parent location for State.
What is the geographical hierarchy in Gencon?
In Gencon, Area is the parent location for Pincode, City/District is the parent location for Area, State is the parent location for City/District and Country is the parent location for State.
What is the procedure for adding a new Pincode in BaNCS through co-existence?
To add a new Pincode in BaNCS, Pincode is first to be created and should be mapped as the parent location for a Area. Then Area scheduler needs to be run. Then Pincode will be pushed to Gencon. In the Gencon Pincode Master, the new Pincode should be visible mapped to the Area for which it was added as the parent location in BaNCS.
What a PAN# is uploaded to Blacklisted IMD in BaNCS, what should happen?
BaNCS should block creation of IMD with that PAN#.
Post go-live of co-existence, there will be no direct creation of IMD in Gencon, hence intermediary creation for any PAN # uploaded to BaNCS through Blacklisted Excel upload will be blocked.
What are the validations with respect to claim payment mode?
There are different modes of payment for claim approval – like, NEFT, Cheque, Outsource, Demand Draft (DD), Fixed Deposit Receipts (FDR), Foreign Exchange, etc. For DD, FDR and Forex there is validation in Gencon that, claims approved in these modes in BaNCS will only be available for disbursement in Gencon in the same mode. For example, claim approved in DD mode in BaNCS, will only be available for disbursement in DD mode in Gencon. But claim approved, for example, in NEFT mode in BaNCS will be available for disbursement in any mode in Gencon.
