DTCC Connection

Jul 22, 2014 • DTCC Connection

NSCC Provides Insurance Industry with Access to Agent Training Verification

By Robin Shapiro

In a move to provide additional, flexible access to insurance agent training data, DTCC’s Insurance & Retirement Services (I&RS) has made its Producer Management Portal (PMP) available through National Securities Clearing Corporation (NSCC).

PMP is an online service that helps the industry manage and comply with National Association of Insurance Commissioners’ (NAIC) annuity training requirements for insurance agents, also known as "producers."

The NAIC requires that producers complete general training in each state in which the producer sells annuity products, as well as complete training on each specific carrier’s annuity products that the producer sells. The majority of training is computer-based e-learning by several education vendors who provide DTCC with training completion data feeds for input into PMP.

Having NSCC offer the service brings easier access to PMP for NSCC members who will need only to submit a Product Update Form to utilize the PMP service.

"DTCC, as a neutral hub for the insurance industry, is well placed to provide this service," said Lana Macumber, DTCC Director, I&RS Product Management. "PMP is a centralized place for insurance carriers and distributors to be able to quickly share, track and verify training completions, enabling producers to sell annuity contracts more quickly. Previously, this was an onerous, manual process."

PMP was first introduced in 2013 by DTCC’s DTCC Solutions LLC subsidiary and is still being offered by that DTCC company. Since its launch, there has been positive uptake in the industry. "We now have over 104,000 producers in our system, with a rising number of clients currently benefitting from this portal and more in the pipeline," Macumber said.

For more information on PMP:

 

http://www.dtcc.com/news/2014/april/07/allianz-life-becomes-first-insurance.aspx

http://www.dtcc.com/news/2013/june/20/dtcc_launches_insurance_tool.aspx

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