DTCC Provides New Online Access Tool to Insurers

The New York-based Depository Trust & Clearing Corporation (DTCC) has introduced a new online tool that enhances usage of Licensing & Appointments (LNA), one of the core automation solutions from its Insurance & Retirement Services business unit.

LNA Access makes accurate agent licensing and appointment information more easily available at lower cost to insurance carriers and distributors (broker/dealers, agents and other representatives) who market insurance products, says the DTCC.

Since insurance is regulated at the state level, each state has different licensing regulations for agents appointed by carriers to sell insurance products. The LNA solution, launched in 2001, automates and standardizes the two-way flow of agent information between carriers and distributors related to state licensing and appointment requirements. LNA Access allows distributors to manage appointments from start to finish in one application directly online, almost entirely removing the need for manual intervention by the carrier.

LNA Access works as a separate data entry request and confirmation tool, allowing distributors to enter requests to carriers for appointments and appointment terminations, producer terminations, address changes, representative ID number changes and license confirmations. A key feature of the new application is LNA Import, whereby distribution customers also have access to carrier transaction confirmations through an Excel-compatible file available and downloadable through the DTCC WebDirect platform.

All Insurance & Retirement Services distributors may sign up for LNA Access. Firms that already use the full LNA solution only need to request access to DTCC's WebDirect service and they will be granted free use of the application. Firms that have Data-Services-Only (DSO) membership (firms that don't utilize the NSCC money settlement services) can sign on to use LNA Access, giving them the ability to request and download LNA data.

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio