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DTCC Adds to ACORD Library of Insurance Standards

ACORD and The Depository Trust & Clearing Corporation announced the record layouts of DTCC's standard fixed file formats will now be included in the ACORD Life, Annuity and Health standard.

By staff Writer | Updated on July 26, 2010

ACORD and The Depository Trust & Clearing Corporation (DTCC) announced the record layouts of DTCC’s standard fixed file formats offered by their insurance and retirement services business will now be included in the ACORD Life, Annuity and Health standard. This move is intended to foster further adoption of industry-wide standards for data exchange between insurance carriers and distributors.

“DTCC made these copyrighted record layouts, which enables the processing and electronic exchange of insurance information, freely available and open to the industry over seven years ago, in an effort to enable everyone to speak the same language,” says Adam Bryan, managing director, DTCC Insurance & Retirement Services. “We are pleased that having them now a part of the ACORD library further defines them not as a proprietary entity, but truly as a recognized industry standard.”

ACORD accepts intellectual property contributions from member companies on behalf of the industry, and integrates them through the standards development process to further enhance and expand ACORD standards. ACORD will now maintain these new standards. All requests for changes to the formats will go through ACORD’s Maintenance Request process and an ACORD Working Group will be established.

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