Fund Configuration Overview
Fund configuration will vary depending on the type of fund and the allocation structure.
High Level Steps to Configure Funds
- Configure the individual funds. Funds are created using the Funds editor in the Admin Explorer tab. Open Admin Explorer | Administration | Funds to view the existing funds by company.
- Configure the FundScreen business rule. This business rule is where extra fields are configured for business specific data that must be stored at the fund level, child fund level, lateral fund level or benefit fund level.
- Configure the rates for funds. This information tells OIPA how to calculate interest and where to look for variable fund values.
- InterestRateCalculation business rule: This rule is used to define the type and details used to calculate interest for fixed funds.
- AsNetAssetValues database table: This table stores the values for variable funds. There is no configuration for this, but values can be inserted to the table using AsFile.
- Configure the allocation structures for the funds. These structures define how money is applied to each fund.
- AllocationScreen: This business rule contains the configuration of the funds allocation structure for a product at the plan, policy and segment level. This is where plan level allocations are configured. For policy and segment level allocations, this should only be used by V7 and V8 clients who want to upgrade or those using the default method.
- Transaction: The <Allocation> element in a transaction defines the fund allocation structures for an activity. This should only be used by V7 and V8 clients who want to upgrade or those using the default method.
- PolicyAllocationScreen: This rule defines the allocation methods, funds and allocation models available for policy level allocations.
- TransactionAllocationScreen: This rule defines allocation methods, funds and allocation models available for specific activities processed in OIPA.
- FundListForAllocation: This is an attached business rule that allows configuration to control the list of funds in the Fund drop down box on the Activity screen.
- WriteDefaultAllocation: This is an attached business rule that allows a transaction to use default plan or policy level allocations.
- ReassignAllocations: This is an attached business rule where allocations can be configured to move to an assigned fund. For instance, with new policies all allocations might be moved into a low risk account/fund until a waiting period has expired ensuring money.
- FundAllocation: This business rule allows you to display the allocations for an activity on the Activity Details screen.
- Configure Benefit Split for Variable Annuity payouts.
- CalculateGeneral: Use this calculate rule to configure benefit split allocations.
- Transaction: add the <BenefitSplit> element to the transaction that will perform the split. This element is used to specify how to calculate benefit split records based on specific allocations.
- DoBenefitSplitChange: This is an attached rule that can be added to a transaction to change benefit allocations.
- ReassignAllocations: This is an attached rule that can be added to a transaction to convert benefit split allocations to parent fund allocations when needed.
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