Insurance and Annuity Carriers Prepare for the Impact Caused by the Approaching 2010 Effective Date of the Pension Protection Act of 2006
With provisions of the Pension Protection Act of 2006 approaching their 2010 effective date, insurers are looking for policy processing solutions that satisfy these complex requirements. The tax advantages offered by the PPA will likely cause a wave of 1035 exchanges, the likes of which the industry has never seen. If the experts are correct, LTC riders will soon become as commonplace as waiver of premium and a cornerstone in financial planning.
“As the deadline approaches, carriers are looking to their IT departments to provide solutions for the processing of these new Long Term Care Hybrid products,” said Andy Ottens, LIDP’s Vice President of Client Services. “While the tax advantages offered by the Pension Protection Act will drive the sales of these new products, the back office processing requires a solution that will take into account the tax implications of the charges as well as the distributions. The Administrator is possibly the only system that provides these processing capabilities today.”
The Administrator is available as licensed software or via an ASP model. Either way, LIDP can have you operational and running in no time. Whether it be to satisfy a short term requirement, or as part of a long term strategy, The Administrator can provide all the back office processing required to compete.
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Hybrid/Combination Product Support for both Life and Annuity Contracts
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Single Contract Methodology
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PPA Compliance and Full Tax Reporting
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Rapid Deployment
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Issue, Underwriting, Billing, Collections, POS, Accounting, etc.
About LIDP Consulting, Inc.
LIDP Consulting, Inc. has provided software and consulting services to the life, health and annuity industry for over 30 years. LIDP specializes in comprehensive administration solutions and legacy system consolidation.
Contact:
Andy Strevell
LIDP Consulting, Inc.
630-829-7100
email: info@lidp.com
http://www.lidp.com
