DTCC I&RS Non-Public Information Working Group. Aegon/Transamerica DTCC. Merrill Lynch. Stifel

Transcription

1 Meeting Minutes CATEGORY Meeting Name: Facilitator Scribe Date & Time: Location: DESCRIPTION DTCC I&RS Non-Public Information Working Group, DTCC January 17, pm 3 pm EST Conference Call Attendees: NAME Fran Forslund Kim Cushing Becki Carnahan Lisa O Neill Sandy Hampel Michele Flowers Susanne Kennedy Mary Gill Sean Hurd Sara Whitson Carol Steele Gary Carmichael Frank Norton Theresa Celsi Kathi Carter Vicky Weber Mary Heimlich Betty Coudriet GROUP Aegon/Transamerica Allianz DTCC Ebix Edward Jones ING Merrill Lynch Nationwide Pacific Life Principal Stifel Vertex Wells Fargo This was the first meeting since we moved them to quarterly from monthly. Currently this meeting is serving as touch point to keep up the awareness and momentum of the initiative as most firms cannot start to develop their systems in 2013 to capture, store and transmit a National Producer Number. Multiple firms stated they have project requests submitted internally or have held discussions with upper management. This is a first step to get this into 2014 budgets. 1

2 PacLife had previously built out their application to capture the NPN on the appointment request. Frank Norton at PacLife said the SSN will always need to be passed on the initial appointment. Most on the call agreed. These discussions will get more detailed on future calls. DTCC will put this initiative on the agenda for the next Senior Advisory Board meeting. At this time no meeting is currently scheduled. This call will remain quarterly until further notice. The next call is scheduled for April 18, Meeting Minutes CATEGORY Meeting Name: Facilitator Scribe Date & Time: Location: DESCRIPTION DTCC I&RS Non-Public Information Working Group, DTCC October 18, pm 3 pm EST Conference Call Attendees: 2

3 NAME Fran Forslund Natalie Wood Michele Flowers Susanne Kennedy Ed Casey Mary Gill Sean Hurd Scott Perry Gary Carmichael Frank Norton Teresa Celsi Marianne Jasmin Kathi Carter Mary Heimlich GROUP Aegon/Transamerica DTCC Edward Jones ING Morgan Stanley Merrill Lynch Nationwide Pacific Life Principal Prudential Stifel Vertex This was the third meeting of the NPI Working Group. The focus of this meeting was to determine a timeframe. While a couple firms have already initiated projects, most firms will not be able to start working on this project until 2014 as resources are not available in 2013 due to the large scope. DTCC will report back to the Senior Advisory Board for guidance. The reporting of teams was brought up and it was determined to report teams the same way that it is being done today. If individual SSN s are listed today then in the future you should report NPN s. Do not send team ID s. It was decided not to hold another working group meeting until January

4 Meeting Minutes CATEGORY Meeting Name: Facilitator Scribe Date & Time: Location: DESCRIPTION DTCC I&RS Non-Public Information Working Group, DTCC September 20, pm 3 pm EST Conference Call Attendees: NAME Kim Cushing Gayle Cole Becki Carnahan Lisa O Neill Danielle Callan Briana Moskovic Michele Flowers Susanne Kennedy Stephen Marynowski Sean Hurd Scott Perry Mary Gill Carole Steele Gary Carmichael Teresa Celsi Joe Procacini Jack Zentmeyer Betty Coudriet GROUP Aegon/Transamerica Allianz DTCC Edward Jones ING Morgan Stanley Merrill Lynch Nationwide Principal Vertex Wells Fargo 4

5 This was the second meeting of the NPI Working Group. The group determined that currently the only focus would be on using the National Producer Number in place of the Agent s SSN. Once firms maintain NPN s in their systems we would be able to phase out SSN s. We first discussed what exactly a National Producer Number is. Below is the definition from the National Insurance Producer Registry website. The National Producer Number is NIPR s solution to privacy issues surrounding the use of the Social Security Number. The NPN is a unique sequential number that identifies each entity in the Producer Database. It is a 10-digit number without leading zeros. Currently only individual producers are assigned NPN s. Note that elsewhere it mentions that an NPN can be assigned to some agencies as well. Most firms currently do not pass or maintain the National Producer Number in their systems. It was noted that some are currently working on it. 5

6 Since the National Producer Number is available on some DTCC record layouts a question was raised that if it was passed now would it be recognized by the receiver. Right now it seems that it would not be recognized. Another question was raised on what is going to get everyone moving in the same direction at a reasonable pace to start maintaining NPN s. The answer was that the distributors would need to lead the charge and push the carriers. DTCC will review their layouts to ensure the NPN is in place and to determine data conformity. In some layouts the NPN is a standalone field while on others it is part of a code list. Next month we will attempt to come up with timeframes. The next meeting is scheduled for Thursday, October 18 th. Meeting Minutes CATEGORY Meeting Name: Facilitator Scribe Date & Time: Location: DESCRIPTION DTCC I&RS Non-Public Information Working Group, DTCC August 9, pm 3 pm EST Conference Call Attendees: 6

7 NAME Kim Cushing Becki Carnahan Ron Holloway Cory Stark Lisa O Neill Jeanann Smith Natalie Wood Randi Gordon Susan Nugent Michele Flowers Susanne Kennedy Elora Basu Carol Steele Brenda Saffield Frank Norton Teresa Celsi Marianne Jasmin Vicky Weber Kathi Carter Lisa Cavaliere Jack Zentmeyer GROUP Aegon/Transamerica Allianz DTCC Edward Jones ING Morgan Stanley Merrill Lynch Nationwide Pacific Life Principal Prudential Stifel Vertex Wells Fargo This was the initial meeting of the NPI Working Group. The purpose of this working group is to identify and define alternatives to reduce non-public information that is passed between the Carrier and Distributor community through DTCC Insurance & Retirement Services. First we discussed what other entities should be included in the working group. It was determined that order entry vendors, clearing firms and licensing vendors should be involved. Carriers and distributors will reach out to their technology providers, Susan Nugent (DTCC) will contact the clearing firms and Jeanann Smith (DTCC) will contact the licensing vendors which will be brought in a later time. Discussion ensued on how to reduce NPI. It was decided that this should be a phased approach which could take years to accomplish. We will start with the products which we feel would be easiest to change, for example FAR and POV. LNA would most likely prove to be the most difficult product to change. During the next meeting we will define which products we would like to start working on first, strategize and determine a plan of execution. This working group will meet on a monthly basis on Thursdays at 2 pm. The day will be coordinated as to not interfere with other industry meetings. Invites for September will be sent in the next few days. 7

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