PremiumsAccount
Last updated
Last updated
The risk modules are grouped in premiums accounts that keep track of the pure premiums (active and earned) their policies. The responsibility of these contracts is to keep track of the premiums and release the payouts. When premiums are exhausted (losses more than expected), they borrow money from the eTokens to cover the payouts. This money will be repaid when/if later the premiums account has a surplus (losses less than expected).
The specific roles and functions of the contract are as follows:
LEVEL2_ROLE
Mid-impact changes like changing some parameters.
setDeficitRatio: Changes the deficitRatio parameter.
setLoanLimits: Changes the jrLoanLimit or srLoanLimit parameter.
REPAY_LOANS_ROLE
Repayments of outstanding loans.
repayLoans: Repays the loan if funds are available.
WITHDRAW_WON_PREMIUMS
Withdrawal of surplus from the PremiumsAccount.
withdrawWonPremiums: Withdraws excess premiums (surplus) to the destination.
( * ) Global means that the role can be delegated to a user at the protocol level (for all components) or only for a specific component. Non-global roles can only be granted for a specific component.
deficitRatio
uint256 (wad)
Usually 1.0 (max value). Controls the proportion of the active pure premiums that can be used to cover losses of finalized policies.
assetManager
address (IAssetManager)
Optional contract that, if present, implements the asset management strategy. See IAssetManager.
To save gas, the parameters are stored in a packed struct that fits in 256bits (a word in the EVM). This is not visible externally, but put's limits on the precision of the parameters. The wad ones, have 4 decimals as precision, so 1.12345 will be truncated to 1.1234.
Premiums can come in (for "free", without liability) with receiveGrant. And can come out (withdrawed to treasury) with withdrawWonPremiums
moneyIn
bool
Indicates if money came in or out (false).
value
uint256
The amount of money received or given
Adds a policy to the PremiumsAccount. Stores the pure premiums and locks the aditional funds from junior and senior eTokens.
Requirements:
Must be called by policyPool()
Events:
{EToken-SCRLocked}
policy
struct Policy.PolicyData
The policy to add (created in this transaction)
The PremiumsAccount is notified that the policy was resolved and issues the payout to the policyHolder.
Requirements:
Must be called by policyPool()
Events:
{ERC20-Transfer}: to == policyHolder, amount == payout
{EToken-InternalLoan}: optional, if a loan needs to be taken
{EToken-SCRUnlocked}
policyHolder
address
The one that will receive the payout
policy
struct Policy.PolicyData
The policy that was resolved
payout
uint256
The amount that has to be transferred to policyHolder
The PremiumsAccount is notified that the policy has expired, unlocks the SCR and earns the pure premium.
Requirements:
Must be called by policyPool()
Events:
{ERC20-Transfer}: to == policyHolder, amount == payout
{EToken-InternalLoanRepaid}: optional, if a loan was taken before
policy
struct Policy.PolicyData
The policy that has expired
The senior eToken, the secondary source of solvency, used if the premiums account is exhausted and junior too
The junior eToken, the primary source of solvency, used if the premiums account is exhausted.
The total amount of premiums hold by this PremiumsAccount
Returns the total amount of pure premiums that were collected by the active policies of the risk modules linked to this PremiumsAccount.
Returns the surplus between pure premiums collected and payouts of finalized policies. Returns 0 if no surplus or deficit.
Returns the amount of active pure premiums that was used to cover payouts of finalized policies (in excess of collected pure premiums). This is limited by _maxDeficit().
Returns the surplus between pure premiums collected and payouts of finalized policies. Losses where more than premiums collected, returns a negative number that indicates the amount of the active pure premiums that was used to cover finalized premiums.
Returns the percentage of the active pure premiums that can be used to cover losses of finalized policies.
Changes the deficitRatio parameter.
Requirements:
onlyGlobalOrComponentRole(LEVEL2_ROLE)
Events:
Emits GovernanceAction with action = setDeficitRatio or setDeficitRatioWithAdjustment if an adjustment was made.
newRatio
uint256
adjustment
bool
If true and the new ratio leaves _surplus < -_maxDeficit(), if adjusts the _surplus to the new _maxDeficit() and borrows the difference from the eTokens. If false and the new ratio leaves _surplus < -_maxDeficit(), the operation is reverted.
Endpoint to receive "free money" and inject that money into the premium pool.
Can be used for example if the PolicyPool subscribes an excess loss policy with other company.
Requirements:
The sender needs to approve the spending of currency() by this contract.
Events:
Emits {WonPremiumsInOut} with moneyIn = true
amount
uint256
The amount to be transferred.
Withdraws excess premiums (surplus) to the destination.
This might be needed in some cases for example if we are deprecating the protocol or the excess premiums are needed to compensate something. Shouldn't be used. Can be disabled revoking role WITHDRAW_WON_PREMIUMS_ROLE
Requirements:
onlyGlobalOrComponentRole(WITHDRAW_WON_PREMIUMS_ROLE)
_surplus > 0
Events:
Emits {WonPremiumsInOut} with moneyIn = false
amount
uint256
The amount to withdraw
destination
address
The address that will receive the transferred funds.
[0]
uint256
Returns the actual amount withdrawn.
Returns the address of the asset manager for this reserve. The asset manager is the contract that manages the funds to generate additional yields. Can be address(0) if no asset manager has been set.
Sets the asset manager for this reserve. If the reserve had previously an asset manager, it will deinvest all the funds, making all of the liquid in the reserve balance.
Requirements:
The caller must have been granted of global or component roles GUARDIAN_ROLE or LEVEL1_ROLE.
Events:
Emits ComponentChanged with action setAssetManager or setAssetManagerForced
newAM
contract IAssetManager
The address of the new asset manager to assign to the reserve. If is address(0) it means the reserve will not have an asset manager. If not address(0) it MUST be a contract following the IAssetManager interface.
force
bool
When a previous asset manager exists, before setting the new one, the funds are deinvested. When force is true, an error in the deinvestAll() operation is ignored. When force is false, if deinvestAll() fails, it reverts.
Calls {IAssetManager-rebalance} of the assigned asset manager (fails if no asset manager). This operation is intended to give the opportunity to rebalance the liquid and invested for better returns and/or gas optimization.
Emits {IAssetManager-MoneyInvested} or {IAssetManager-MoneyDeinvested}
Calls {IAssetManager-recordEarnings} of the assigned asset manager (fails if no asset manager). The asset manager will return the earnings since last time the earnings where recorded. It then calls _assetEarnings to reflect the earnings in the way defined for each reserve.
Emits {IAssetManager-EarningsRecorded}
Function that calls both recordEarnings() and rebalance() (in that order). Usually scheduled to run once a day by a keeper or crontask.
This function allows to call custom functions of the asset manager (for example for setting parameters). This functions will be called with delegatecall, in the context of the reserve.
Requirements:
The caller must have been granted of global or component roles LEVEL2ROLE.
functionCall
bytes
Abi encoded function call to make.
[0]
bytes
Returns the return value of the function called, to be decoded by the receiver.
