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Article: DTCC Offers Open Annuity Application Record Layout For Use by Entire Insurance Industry.
- Article from:
- PR Newswire
- Article date:
- April 24, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- NEW YORK, April 24 /PRNewswire/ -- In a move to foster a single industry- wide standard for new business data exchange between insurance carriers and their distributors, The Depository Trust & Clearing Corporation (DTCC) announced today that it will make available to the industry its copyrighted record layout for the sale and processing of fixed and variable annuity applications.
In the current environment, insurance carriers have to build proprietary processing systems to link with individual distributors, leading to a convoluted network of point-to-point systems that limit communication among trading partners and impede the marketing of insurance ...