The Depository Trust & Clearing Corp. says standardization and automation have helped it cut the cost of processing insurance transactions.
The DTCC, New York, a company that provides technology infrastructure for the securities industry, the insurance industry and other financial services industries, has passed the savings on to insurance companies by eliminating insurance product file fees, which amounted to $15 per file.
The change affects the DTCC insurance services division’s positions and valuations, asset pricing, commissions, applications and subsequent premiums, and financial activity reporting services, the DTCC says.
Earlier, in July 2007, the DTCC announced a reduction in positions and valuations services rates.
The elimination of the file fee will further reduce the cost of positions and valuations transactions, the DTCC says.