Create a Pricing Source Translation

Owned by Nancy Cohn (Deactivated)
Last updated: Feb 08, 2024 by Kinga Huszno
2 min read

You can maintain source translations for pricing sources and foreign exchange sources using Eagle for Insurance. You can create, edit, delete, and list price source translations.

You must define a translation for each valid Pricing Source. You need only define this relationship once for each source.

To define a translation for each valid Pricing Source:

  1. In Accounting Center, in the left navigation pane, click Insurance > Configuration > Translations > Create Pricing Source Translation.
    You see the Create Pricing Source Translation panel. 

    Create Pricing Source Translation panel

  2. Complete the options on the panel by entering the Price/FX Source and Source values.

  3. Enter a value for Method Used to Obtain Fair Value.
    Options include:
    - A Pricing Service
    - B Stock Exchange
    - C Broker
    - D Insurer
    - E NAIC

  4. Enter the Source Used to Obtain Fair Value for Sources where the Method Used to Obtain Fair Value is A – Pricing Service, B – Stock Exchange, or C – Broker.
    This is a free text field and the values established through the Create or Edit panels for each Source are used in the Statement Vendor extracts to populate the Method and Source Used to Obtain Fair Value columns.

  5. Click Submit.

When you use the Insurance Pricing Source Translation panel, consider the following:

  • Translations must be provided for each Pricing Source used to value Insurance holdings.

  • You can add Pricing Source translations by selecting Pricing Source as the Pricing/FX Source election, and populating the Method Used to Obtain Fair Value and Source Used to Obtain Fair Value fields, as appropriate.

  • The Source Used to Obtain Fair Value field is only required for Methods A, B, and C.

  • Translations must be provided for each entity's Valuation FX Source, to support the electronic columns for forward contracts.

  • You can add FX Source translations by selecting the FX Source as the Pricing/FX Source election and populating the Source for which the translation is added.

  • With FX Source selected, the Method Used to Obtain Fair Value defaults to B, because all forwards are valued based on exchange rates and B – Stock Exchange is the required Method Used to Obtain Fair Value per NAIC guidance.

  • The Source Used to Obtain Fair Value field must be set to the source of the exchange rates.