A unit of Electronic Data Systems Corp. has rolled out version 7.0 of the Ingenium system.
The new version of the life insurance and annuity policy administration system gives users the ability to allow an anniversary interest rate lock-in model for fixed and variable annuity products, according to Solcorp, Toronto, a subsidiary of EDS, Plano, Texas.
The new version also helps insurers concerned about exempt status to keep policies categorized as life insurance contracts, and it uses different rules to handle earnings on individual retirement account excess contributions and off-anniversary changes to life contracts.
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