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DTCC Reports Insurance Processing Boom

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NU Online News Service, March 10, 2004, 1:32 p.m. EST – The Depository Trust & Clearing Corp., New York, says business boomed at its insurance services processing unit in 2003.[@@]

DTCC has been handling the clearing and settlement of stock and bond trades for years. Recently, it has been handling life insurance and annuity transactions.

The total dollar value of settlements rose to $9.5 billion, from $5.4 billion in 2002, DTCC says.

The number of commission, application and premium transactions rose to 30.4 million, from 22.5 million, and the number of licensing and appointments service transactions rose to 2.6 million, from 557,000.

Insurance transactions made up only a small percentage of DTCC’s business. The total value of all DTCC clearing and settlement business increased to $923.4 trillion, from $916.9 trillion in 2002.