Premium administration requires different skill sets and record keeping than third party fund administration. Abacus has developed a dedicated accounting and reporting package that can provide this service, maintain premium payments and records and effectively manage the risks associated with the non settlement of premiums.

The role of Premium Administrator focuses on the operational issues encountered by Funds holding TEPs as an asset class with Abacus providing a wide range of services surrounding all aspects of the TEP premium reconciliation work:

• acting as a central conduit for all Principal Parties to the fund;
• proactive risk management processes to ensure premiums are claimed when due to mitigate risks associated with policies lapsing;
• maintenance of fund accounting records in respect of policy purchases, sales, surrenders and ongoing premium commitments;
• processing policy /premium amendments;
• verification and download of premium activity and information from the bank;
• working closely with UK Life Offices to ensure premiums are collected when due and no liabilities are encountered through non collection of premiums;
• liaising directly with the fund, custodian and auditor in respect of premium liabilities;
• realised gain/loss calculations on receipt of maturity proceeds.

Related Services

Portfolio Administration Management Reporting Data Migration