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DTCC Wants Record Format To Become A Standard

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NU Online News Service, April 24, 2003, 10:45 a.m. EDT – The Depository Trust & Clearing Corp., New York, says it will encourage annuity issuers and distributors to use its copyrighted layout for annuity application information.

Companies can use the format as a standard free of charge, the DTCC says.

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The DTCC contends that adopting the layout as an industrywide standard could help insurers shift to standardized processing systems and streamline annuity distribution.

AnnuityNet Inc., Leesburg, Va., a company that runs a Web-based annuity distribution system, will be adopting the DTCC application layout as its standard method for transmitting data about new business, the DTCC says.