Using one of the DTCC connectivity options (dedicated, internet, DTCC Portal), participating distributors can send
and receive changes through DTCC. There are multiple ways a
transaction can be submitted for processing to DTCC (web service,
mainframe batch or via DTCC).
The In-Force Transactions functionality routes transactions between
distributors and insurance carriers using XML or batch mainframe technologies to
request and receive requests to support numerous post
The In-Force Transactions are comprised of the following key post-issue
transactions, via XML real time messaging capabilities:
- Arrangements is a one-time change to
a service feature on an insurance contract. Arrangements can
consist of the following programs such as Systematic
Withdrawals, Dollar Cost Averaging, Automatic Payments, Asset
- Death Notification provides the
insurance carrier with a notification that a death has occurred
to one or more parties to the in force/active policy or contract.
- Financial Withdrawals is a one-time
full or partial redemption of funds from an insurance contract.
- Fund Transfer is a direct exchange or
on-time reallocation of the underlying funds within a variable
insurance asset. This request includes modifications to the
service features affected by the exchange.
- Policy Administration provides a defined
set of changes to an in force/active policy or contract. This
message supports both party and communication changes.
- Values Inquiry is used to return
various policy values for a specific in force/active policy or
contract. The Values Inquiry transaction begins the
Financial Withdrawals, Fund Transfers, and Arrangements
- Policy Administrative Inquiry is used to
obtain the policy information needed specifically to perform
basic policy administration activities. This message allows the
distributor or vendor platform to gather necessary information
about an in force/active policy to determine the administrative
changes that are allowed. The Policy Administrative Inquiry
transaction begins a Policy Administration transaction message.
In addition, there are two mainframe, batch formats to support the following transactions:
- Change of representative of record facilitates a change of agent information, within the distribution firm, on a single contract or policy.
- Broker Identification Number transaction delivers instructions to network or link a policy within a brokerage account.