ACORD is pleased to support the industry move forward towards straight through processing with electronic signature by introducing the newly published ACORD 951e 1035 Exchange/Transfer of Assets Form. The ACORD 951e form is in addition to the current 951 Form.
What’s new about the 951e is twofold:
- Streamlined form targeting order entry platforms enabling straight through processing, and
- Electronic signature.
The creation of this new form involved many months of effort by Carriers, Solution Providers, Industry Associations such as IRI, legal counsel and review, and countless hours and effort by volunteers supporting the initiative for electronic signature. The culmination of this effort truly represents how individuals and organizations working together to solve a business problem can make a huge contribution to move the industry forward towards electronic straight through processing.
The ACORD 951e form includes language to satisfy concerns that a ceding carrier might otherwise have regarding reliance of the e-signature provided on a replacement transaction form.
Acceptance of the 951e as the ceding carrier in a replacement, and usage of the 951e form for your firm's new replacement business, are important steps to drive the annuity industry to straight through processing in 2016.
Many Carriers and Solution Providers are already using the new form since its introduction in November 2015, and more are planning to implement it in 2016!
Jim Young, Vice President of Operations and Technology at the Insured Retirement Institute (IRI), said, “Industry-wide approval and usage of the ACORD 951 eForm enables insurers to rely on e-signed annuity replacement paperwork. This is a critical milestone on the path to true straight through processing of annuities, which will ultimately eliminate thousands of hours of frustrating NIGO rework for tens of thousands of advisors, faster issuance and more satisfied customers.”
For more information about ACORD 951e or any other form, please contact memberservices@acord.org.