NU Online News Service, Jan. 30, 1:34 p.m. – The Association for Cooperative Operations Research and Development, Pearl River, N.Y., is working with the Society of Actuaries, Schaumburg, Ill., to develop XML standards for presenting mortality tables, rate tables and other insurance tables.
The ACORD Life Standards Subcommittee and the SOA computer science interest section are forming a Tabular Data Working Group to manage the project.
The chairman of the working group will be Jacques Rioux, an SOA member who is an associate professor of actuarial science at Drake University.
ACORD is a nonprofit group that sets technical standards for insurers and other financial services companies.
XML is a set of rules for creating standard formats for identifying each of the many pieces of information stored in a computer. Programmers can use the standards to write software systems that translate information from one database format into another.
Establishing XML standards for tables should help life insurance companies, regulators and others share tables more easily, and it should also help make life easier for illustration software packages and other insurance packages that use actuarial data, ACORD says.