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DTCC Adopts ACORD Messaging Standards

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The Depository Trust & Clearing Corp. is building compatibility rules from a major insurance industry standards group into 3 new services.

The DTCC, New York, one of the companies that runs the U.S. financial services communications system, says its insurance services group will be using newly approved straight-through processing standards from ACORD, Pearl River, N.Y., to add more options for processing annuity, life insurance and retirement income contracts.

By the end of 2007, the DTCC hopes to be using ACORD standards in a fund transfers service, which will automate broker-initiated fund transfers within variable annuity products, and an attachments service, which will help carriers transfer images of signatures and forms involved in the processing of annuities and life insurance contracts, the DTCC says.

In 2008, the DTCC hopes to use ACORD standards in a replacements service, which “will automate and standardize transfers of annuity and life insurance assets from one insurance carrier to another, the DTCC says.