7.0.172.x Release Notes
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Table of contents
Features
FUEL-1379 – Bond Exceeds Specified Months Rule
The Bond Exceeds Specified Months rule is configurable to refer bond transactions which adjust the term duration of a bond beyond the number of months specified in the rule configuration. When configured, the rule will measure the number of months from the effective date of a bond to the estimated completion date.
NOTE: This rule would apply to contract bonds only, as the estimated completion date is not applicable to commercial bonds.
FUEL-1460 – Additional Bond Fees
Administrator users can create additional fees to be applied to bond configurations. This is located at: All>Reference Tables>Fee Rates.
Each fee saves the following fields: Name, Description, Fee Type, Fee Calculation Method, and Amount.
The available fee types are available: Application Fee, Processing Fee, Fronting Fee, Co-Insurance Fee, Notary Supplies Fee, Design/Build Broad Form, Non-Standard Bond, Maintenance, Renewal Waiver, Closing Waiver, and Other Fee
NOTE: The fee type will be for reference purposes only - will not have any calculation impact.
The calculation method will be percent or flat:
Percent is a percentage of the base premium of a bond.
Flat is a fixed amount for the fee.
Fees can be applied to bond configurations at: All>Maintain Bond>Configure>Term tab.
Multiple fee rates can be selected for new bond and/or renewal transactions.
When a bond has fee applied to it, the total fee amount and the override designation are displayed in the Premium section of the bond page. The breakdown of the fees can be viewed in the Show Additional Fees pop-up.
The additional fees can be overridden on premium bearing transactions.
The fee rate information is included in TransSync in the BeginGetBondTransactions API call. These will appear in the FeeRates section with the following fields:
TransSyncId
Fee (Name)
Amount
FeeType
CalculationMethod
FUEL-2015 – Additional Fields for Obligee Locations
Email, Work Phone, and Fax Phone fields have been added to obligee location entries. These field have also been added to the LoadImportObligees API for the obligee locations in the obligee import payload.
Fixes
FUEL-1461 – Correction to Recalculate Commission Rate and Amount in Premium Details Pop-Up
Corrected commission rate breakdown in the Premium Details pop-up when commission amount or rate is overridden on a transaction. The commission breakdown would not display.
FUEL-1492 – Commission Corrections
When a bond is issued with a maintenance rate, the commission amount calculation would include a calculation based on the first year of maintenance premium being calculated. The first year of the maintenance period is not included in the calculation of the maintenance premium. A correction has been made to ensure the commission amount calculation does not include the value that would be for the first year of the maintenance period.
The display of the commission rate on bond page has been corrected to show, if there is no tiered commission rate used.
FUEL-2100 – Fix to Account LOC Used when Pro-Rated Riders are Applied to a Bond
When a pro-rated rider is performed on a bond, the LOC used on the bond’s account was not updated to the latest penalty value. This has been corrected to consider the most recent penalty value for the calculation of the account LOC limits.
FUEL-2176 – Corrected Needed Password Change when using MFA
When a user is required to change their password but is also configured to use the multi-factor authentication (MFA) security feature, the user was not being prompted to reset their password. This has been adjusted to prompt the user for a password reset, regardless of the requirement to complete the MFA.
FUEL-2184 – Fixed Account Approval If Responsible Underwriter is Approving Account
When a referred account was assigned to a particular responsible underwriter user, the same user was stopped from approving the account, requiring a separate user to complete the approval transaction. This has been updated to allow for the assigned responsible underwriter to approve the account application.