NU Online News Service, May 6, 4:38 p.m. – AnnuityNet Inc., Leesburg, Va., says it will give the property rights for the technical standards it uses to distribute annuities through the Internet to the annuity industry.
AnnuityNet says it hopes the National Association for Variable Annuities, x, Va., and the Association for Cooperative Operations Research and Development, will use the AnnuityNet standards to develop universal standards.
AnnuityNet based its standards on the eXtensible Markup Language, or XML, a set of rules for developing systems that can translate information from one database format to another. AnnuityNet uses the standards to transmit information about annuities and exchange information with brokers, insurers and others about annuity transactions.
Giving the AnnuityNet XML standards to ACORD and NAVA “will allow the industry to significantly speed up the development process, and avoid duplication of effort already accomplished,” AnnuityNet says.
AnnuityNet points out that it has been using its standards to process annuities through the Internet since 1998.