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Regulation and Compliance > Federal Regulation

Fiserv Updates Administration Software

By Staff Writer

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NU Online News Service, June 16, 2004, 5:07 p.m. EDT – Fiserv Inc., Cedar Rapids, Iowa, has added new equity-indexed annuity features, long term care insurance features and compliance tools to its ID3 insurance administration system.[@@]

Here are some of the changes that Fiserv says it has made to the new version of the software, Version 8.0:

- Equity-indexed annuities: Fiserv says the new version is better at coping with multiple investment options, participation caps and reporting requirements in equity-indexed annuity programs.

- Long term care insurance: Fiserv says the new version offers more support for LTC benefit riders and LTC inflation options. The company also says the new version offers more premium rating flexibility.

- Compliance: Fiserv says it has added fraud-prevention mechanisms, privacy-protection mechanisms and tools for complying with the new federal anti-money-laundering laws and regulations.