ACORD has adopted record layouts of standard fixed file formats from The Depository Trust & Clearing Corporation’s (DTCC) Insurance & Retirement Services business.
The New York-based organizations say the move, which includes six electronic data interchange file specifications, will foster further adoption of industry-wide standards for data exchange between insurance carriers and distributors. Formats 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). DTCC in 2007 adopted ACORD’s XML standards.
“DTCC made these copyrighted record layouts, which enables the processing and electronic exchange of insurance information, freely available and open to the industry over seven years ago, in an effort to enable everyone to speak the same language,” Adam Bryan, managing director, DTCC Insurance & Retirement Services, says in a statement. “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.”
ACORD accepts intellectual property contributions from member companies on behalf of the industry, and integrates them through the standards development process to further enhance and expand ACORD standards. ACORD will now maintain these new standards. All requests for changes to the formats will go through ACORD's Maintenance Request process and an ACORD Working Group will be established.
"As a member-driven association, we rely on our members to help expand and promote standardization and gratefully accept this donation from DTCC. It's through such donations of intellectual property that ACORD's standards have been able to evolve and grow so rapidly in both depth and breadth,” Lloyd Chumbley, vice president, standards for ACORD, adds in a statement. “DTCC has long been committed to insurance industry standards. This will help promote further standards usage across the annuities sector by making these EDI formats publicly available as a true industry standard."
The formats will be posted on ACORD's Web site under Life, Annuity, & Health Downloads and are publicly available.