Subsequent Premiums (SUB) transmits subsequent premium information from distributors to insurance carriers. The service provides an efficient, straight-through process for validating, formatting, and submitting subsequent premium payments while incorporating same-day money settlement.
WHO CAN USE THE SERVICE
Subsequent Premiums (SUB) is available to firms that are members of DTCC’s National Securities Clearing Corporation (NSCC). Click here for information on how to become a member of NSCC.
With SUB, clients can:
- Settle money the same day for subsequent premium payments.
- Automate reconciliation of receipts and payments; eliminate checks and wire transfers and their associated costs.
- Achieve a higher percentage of “in-good-order” business by reducing the number of data-entry errors.
- Simplify and streamline premium payments and lower costs by reducing paper and manual processing so that distributors can focus on servicing customers.
- Secure confidential data through DTCC’s Securely Managed and Reliable Technology (SMART) network, which provides centralized, end-to-end managed communications for all post-trade clearance and settlement processing.
HOW THE SERVICE WORKS
Using a mainframe or Internet connection, distributors electronically send subsequent premium information to NSCC, which then routes the payments to insurance carriers and settles the premium.
FOR MORE INFORMATION
Please contact Insurance & Retirement Services at 1-888-382-2721. E-mail us at firstname.lastname@example.org.