Agency / Broker

If the business unit is being used as a Broker Ledger operating within a Pay As Paid environment, the system must be able to distinguish between the parties involved in a business transaction. The following options are available:

• Client

  Set this type on the customer accounts, for example, to identify the insured party

• Carrier

  Set this type on the underwriter accounts, for example, to identify the insurer

• Other

  Set this type on other parties in the transaction who need to be updated when payment is received, for example, to identify third party brokers

• Nominal

  Set this type on all other accounts, for example, commission income to the business, or bank charges.

When a transaction is matched, this flag is used by the matching facilities to determine which, if any, linked transactions are released for further processing. See Linked Transaction Match Releasing Rules.