Currently, the insurance industry relies on manual processing for transferring insurance funds between carriers and contra-side brokerage accounts, increasing risks for misrouted money and inefficiently utilizing resources. With increased focus on compliance and risk management, and an exponential increase in withdrawals expected due to rising numbers of baby boomer retirements, there is a great need to have an effective means for coordinating the movement of insurance withdrawals for systematic withdrawals, partial surrenders, and mandatory required distributions back to the client’s brokerage account.
STL, an expansion of the InForce Transactions suite of products, leverages the one-of-a-kind Money Settlement Service to report activity — including the Money Settlement Detail (MSD) data file and the net settlement obligation Money Settlement Summary (MSS) data file — to both parties of a transaction.
This service is available to all eligible full-service Insurance & Retirement Services (I&RS) carrier and distributor members.
Email us at firstname.lastname@example.org or contact your I&RS relationship manager.
Membership Do I Qualify?
An upcoming enhancement to LNA will help carriers track and confirm if agents have been trained and certified to sell their specific annuity products.Read More