NU Online News Service, Jan. 23, 12:03 p.m. – The Association for Cooperative Operations Research and Development, Pearl River, N.Y., says it has agreed to help Depository Trust & Clearing Corp., New York, improve its life insurance and annuity clearing system.
ACORD is a nonprofit group that develops data standards and other technical standards for the insurance industry.
The DTCC is best known for clearing securities transactions, but it also has a major life and annuity clearing subsidiary, the Insurance Processing Service. ACORD has helped develop some of the data standards needed to make the DTCC system work.