Patent ID: 8326730

Claim:
A method for a web-based system of placement, binding, settlement and claims payment of reinsurance and commercial insurance transactions between parties comprising: authenticating access of reinsurance brokers and/or reinsurers to an integrated management and clearance system, wherein the integrated management and clearance system; provides templates to the reinsurance brokers and/or reinsurers to enter data about risk(s) to be insured or reinsured; enables management of deal negotiations of said risk(s) with an on-line price quote board; wherein the on-line price quote board records an audit function of agreed to premium and participation levels by the reinsurance brokers and/or reinsurers of each risk(s) including recording prebinding negotiated indications of premium and participation levels; receives acceptance of final terms from all parties, creates a binding contract from the on-line price quote board data, wherein said contract includes terms for the settlement and payment of claims, determines the assigned responsibilities for each reinsurer and issues claim advice notices per a participation ratio of each reinsurer as outlined by the contract, and provides settlement of premiums and claims among commercial insurers and reinsurers while maintaining regulatory fiduciary requirements.