DTCC’s Insurance and Retirement Services (I&RS) was recently recognized for the collaborative role it played in creating solutions for the life and annuities insurance industry in support of compliance mandates required by the new Department of Labor (DOL) Fiduciary Rule.
DTCC received the Association for Cooperative Operations Research and Development (ACORD) Implementation Journey Award at the three-day ACORD 2017 annual conference in Boston. DTCC’s Jeanann Smith, Director, I&RS, received the ACORD Leadership Award for her role in advocacy and implementation of ACORD standards in the insurance industry.
The DOL Fiduciary Rule sparked the need for a robust data management solution for the life and annuities industry by Monday, April 10, 2017. DTCC’s I&RS collaborated with ACORD, a non-profit organization that develops messaging and electronic standards for the insurance industry, and annuity market participants on the implementation ACORD 1241 Fee & Expense Transmittal Transaction, which allows for a centralized, automated and standardized solution that helps industry participants to comply with partially implemented disclosure requirements of the DOL Fiduciary Rule.
The solution and implementation was released in time for the industry to utilize and comply with the requirements, and DTCC was recognized for its leadership role in bringing the solution to the marketplace. Smith, who leads I&RS product management team, was recognized for guiding the insurance industry on data sharing standards and capabilities during the development and implementation of these solutions.
Jon Volpe, DTCC Product Manager, I&RS, attended the October 25 award ceremony and accepted the awards for DTCC and Smith. He also participated in a panel discussion regarding the implementation of ACORD 1241.
“The development of a centralized data management system and implementation of ACORD standards was truly a show of collaboration between DTCC and industry participants,” Volpe said. “DTCC I&RS is committed to being the solutions hub for the life and annuities insurance industry, mitigating cost and risk while helping the industry comply with regulatory changes. We will continue to work with ACORD and market participants in meeting this commitment.”
ACORD, founded in 1970, is a global, nonprofit organization that facilitates fast, accurate data exchange and more efficient workflows for the insurance and related industries. ACORD develops electronic standards, standardized forms, and tools that support this mission. ACORD members worldwide include insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations.