NU Online News Service, Jan. 14, 1:13 p.m. – The Association for Cooperative Operations Research and Development, Pearl River, N.Y., says it will be working with the National Association for Variable Annuities, Reston, Va., to develop XML-based standards for the annuity industry.
The NAVA technology committee will help ACORD come up with “requirements and priorities for annuity standards,” the groups say.
“ACORD will ensure that these standards are open standards in the public domain and available to anyone free of charge, no matter what their affiliation with ACORD or NAVA,” the groups emphasize.
ACORD is a nonprofit group that sets technical standards for insurers and other financial services companies, and NAVA is a trade group for annuity issuers.
XML is a popular new set of rules for developing systems that can convert information from one database format to another.