Positions & Valuations

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Positions & Valuations (POV) enables insurance carriers to send individual and group annuity, life insurance long-term care and retirement income/immediate annuities contract details on a daily, weekly, monthly or other periodic basis, giving them a current snapshot of their entire book of business.

WHO CAN USE THE SERVICE

Positions & Valuations (POV) is available to firms that are members of DTCC’s National Securities Clearing Corporation (NSCC). Click here for information on how to become a member of NSCC.

BENEFITS

With POV, clients can:

  • Assemble key contract information, including current values, service features and parties to the contract.
  • Create complete client account portfolios by including current annuity, retirement plan products, long-term care, life insurance and retirement income/immediate annuities contract information that can be delivered to distributors’ desktops and included in customer statements.
  • Track assets so that distributors can confirm current-state account status and investment performance on all customer accounts.
  • Obtain a summary of customers’ holdings with any given carrier, allowing distributors to remain up-to-date on all annuity and life insurance business under their management, including when new annuity and life insurance assets are added or removed from their books.
  • Identify unassigned accounts, enabling distributors to appoint an active agent to the account and engage the new agent to pursue additional investment opportunities.
  • Comply with regulatory requirements, such as Anti-Money Laundering and “Know Your Customer” statutes, by giving distributors information on all assets under their management.
  • Secure confidential data through DTCC’s Securely Managed and Reliable Technology (SMART) network, which provides centralized, end-to-end managed communications for all post-trade clearance and settlement processing.

HOW THE SERVICE WORKS

Using a mainframe or Internet connection, insurance carriers electronically send information about underlying assets, accumulation units and valuations to NSCC, which then routes the information to distributors. Data are available in three formats:

  • A focused refresh file (PFF), including underlying fund and current value information. A PFF file includes the distributor’s entire book of business and is typically sent on a daily basis.
  • A full refresh file (PVF) that provides PFF data, as well as information pertaining to contract parties and service features. It includes the distributor’s entire book of business, transmitted according to a schedule agreed upon by trading partners.
  • A new business file (PNF) that provides data in the identical format to the PVF file but includes only new contract information. It contains information on contracts that are newly issued or have a change of agent with a new distributor affiliation. Each new contract is sent once. Future information related to the new contract is included in PFF or PVF files.
  • A business  file (PRP) that supports insurance-based group annuities and mutual fund-based retirement accounts. It includes reporting at the plan level, allows for multiple contracts & product types, reporting at the participant level, plus detailed plan and participant level data.

FOR MORE INFORMATION

Please contact Insurance & Retirement Services at 1-888-382-2721. E-mail us at insurance@dtcc.com.

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