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ACORD Adding To Life Data Standards

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NU Online News Service, July 9, 3:50 p.m. – ACORD, Pearl River, N.Y., a nonprofit group that sets standards for insurance data communications, says it plans to add standards for life reinsurance and group insurance to its life insurance standards set.

The group began working with the Life Reinsurance working group at the American National Standard Institute, Washington, another data standards organization, in January to develop the reinsurance standards.

ACORD hopes to complete final testing on a life reinsurance activity message standard by November, and later develop standards for facultative messages and claims messages.

ACORD says it began work in May on a separate project to add extra support for group insurance communications.