Subsequent Premiums

Subsequent Premiums (SUB) transmits subsequent premium information from distributors to insurance carriers. The service provides an efficient, straight-through process for validating, formatting, and submitting subsequent premium payments while incorporating same-day money settlement.

• Who Can Use The Service

  Subsequent Premiums (SUB) 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 SUB, clients can:

  • Settle money the same day for subsequent premium payments.
  • Automate reconciliation of receipts and payments; eliminate checks and wire transfers and their associated costs.
  • Achieve a higher percentage of “in-good-order” business by reducing the number of data-entry errors.
  • Simplify and streamline premium payments and lower costs by reducing paper and manual processing so that distributors can focus on servicing customers.
  • 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, distributors electronically send subsequent premium information to NSCC, which then routes the payments to insurance carriers and settles the premium.

  Schematic

• For More Information

  Please email us at [email protected] or fill out a contact us form.