This FAQ will focus on answering questions on TAI Annuity.
Database and screen changes were developed in TAI .NET to accommodate the field changes needed for storing the unique extract file fields and reinsurance administration-specific fields.
Some of these include:
Annuities will be handled under a new line of business on the TAI system. Screens will show appropriate field names for annuity policies and separate in force and transaction files will be generated for this line of business. The annuity policies will also be stored under a new Processing Company.
TAI Annuity supports multiple agreements being active at one time. Each reinsurer may choose to cover different products in varying distribution channels and may be assuming varying percentages of the policies.
The TAI system will be provided a regular transaction extract, in a pre-defined format. The extract will include all cash flows that impact reinsurance and the account values. The TAI system will determine new contracts and correctly assign reinsurance arrangements. The transactions, including premium payments, partial withdrawals, contract surrenders and death terminations, will be used to define reinsurance liability cash flows and settlements for each reinsurer.
The TAI system provides monthly transactions, summaries and detailed reporting for each annuity contract and reinsurer. Billing statements will be produced by the system to support the annuity products.