NU Online News Service, Feb. 28, 4:59 p.m. – Lincoln National Corp., Philadelphia, is starting to use technology from AnnuityNet Inc., Herndon, Va., to distribute two variable annuities through the Web.
The brokerage arms of Merrill Lynch & Company Inc., New York, and Legg Mason Inc., Baltimore, will be the first broker-dealers to get their Lincoln variable annuities through the Web.
AnnuityNet will provide the systems needed to connect Lincoln with its distributors and check annuity applications for accuracy and suitability. AnnuityNet will also send applications to the Depository Trust & Clearing Corp., New York.
DTCC will clear the completed applications and feed them directly to the insurers, AnnuityNet says.
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