ACORD is making record layouts from the Depository Trust & Clearing Corp. part of its ACORD Life, Annuity and Health standard.
The Depository Trust & Clearing Corp., New York, runs networks that handle securities transactions, insurance transactions and other financial services transactions.
ACORD, Pearl River, N.Y., sets technology standards and other standards for the insurance industry.
DTCC first began letting insurers use its copyrighted record formats 7 years, to promote adoption of standards, according to Adam Bryan, a managing director in DTCC’s insurance and retirement services unit.
“We are very pleased that having them now a part of the ACORD library further defines them not as a proprietary entity, but truly as a recognized industry standard,” Bryan says.
ACORD says it is making the DTCC record layouts part of the ACORD Life standard to encourage efforts to standardize electronic data interchange between insurers and insurance distributors.
ACORD now will be responsible for maintaining and updating the record formats.
The formats involved include Positions and Values (POV); Commissions (COM); Financial Activity Reporting (FAR); Licensing and Appointment (LNA); In-Force Transactions (IFT); and Applications and Premium/Subsequent Premium (APP/SUB).