Further Enhancements to DTCC’s Licensing & Appointments Service Supports Carrier Compliance with Distributor Training Regulations
Business Wire, Inc. |
These system enhancements are intended to help carriers quickly and easily track and confirm if producers have been trained and certified to sell their specific annuity products.
In this recently completed phase of the project, which was initially piloted in
Phased Rollout
DTCC has been working with seven industry education vendors that provide the product and state-level training curriculums to producers — including Kaplan, PinPoint (partnering with LIMRA), QuestCE,
In Phase I of the project, which was piloted to customers in
In this next iteration of the project, which is now in production with 40 distributors and 35 carriers (representing over 20 families), DTCC has now extended these enhancements to its distributor customers.
LNA Access
To reach the widest range of distributors possible, these Phase II enhancements have also been added into DTCC’s LNA Access Platform, the online reporting tool that distributors use to enter, edit, and retrieve various sets of pre-defined required licensing and appointment data.
“LNA Access expands DTCC’s reach by bringing its benefits to distributors who may choose not to develop the fully integrated system,” said
In the next and final phase of the development effort, targeted to roll out by fourth quarter of 2012, DTCC plans to create a centralized producer management portal that will store and allow access to producer training and sales authorization data. DTCC will leverage ACORD XML messaging to support real-time authorization inquiries from order entry and other transaction processing platforms. In addition, DTCC plans to offer a user interface to request this information through its Access platform.
Managing State-Level Regulations
Within financial services, insurance is a unique business because it is primarily regulated at the individual state level. This means that insurance firms must deal with up to 50 different sets of state regulations and 50 different state regulatory agencies. Further complicating matters, each state law has specific requirements and training deadlines.
This new education component for insurance producers is a result of the state-level “Suitability in Annuity Transactions Model Regulation,” introduced in 2010 by
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from
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Copyright: | Copyright Business Wire 2012 |
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