NU Online News Service, Oct. 25, 11:53 a.m. – The Depository Trust & Clearing Corporation, N.Y., announced today it will partner with Association for Cooperative Operations Research and Development, Pearl River, N.Y., on its annual conference this May, bringing together more than 1,500 attendees from all sectors of the insurance community including insurance carriers, broker/dealers, banks, financial planners and others.
The conference partnership by DTCC is just one facet of a new relationship between the two organizations, both say. Together, ACORD and DTCC have worked on a variety of projects, including a new Product Profile data standard developed by ACORD that will be used in DTCC’s new automated, central repository for annuity product information.
The repository is meant to enable distributors to access accurate and complete annuity product information and specifications, providing them with information needed to help ensure that annuity applications are complete and correct when submitted to the insurance carrier, DTCC and ACORD say.
Distributors and carriers will access the repository through a single connection whether it is direct to DTCC or through a service provider or vendor. ACORD and DTCC hope this will benefit the industry at large by eliminating the need to develop and maintain multiple proprietary links.