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ACORD To Develop Product Profile Standard

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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.

The new ACORD/DTCC agreement calls for ACORD to help develop a “product profile” standard that insurers, distributors and vendors can use to share life and annuity product information, and money settlement information, through the DTCC insurance clearing system.

ACORD will also be working on standards for sharing information about life insurance applications and agent credentials through the DTCC system, ACORD says.