Using a mainframe or Internet connection, insurance carriers can use FAR to transmit pertinent financial activity information about an annuity or life insurance contract to distributors.
FAR Import Service
For clients not yet ready to implement the full-data feed of financial activity information, NSCC offers a FAR Import service through DTCC’s WebDirect portal. The FAR Import compiles FAR data into a readable format that can be imported to Microsoft Excel. This option requires no programming and can be made available to distributors in a matter of days.
Financial Activity for Asset Managers (FAM)
FAM uses a subset of data from FAR to track financial transactions within the product sub-accounts that contain the asset managers’ mutual fund investment options, transactions such as new or subsequent premium, asset rebalancing, full or partial surrenders, or death claims. It also identifies the issuing carrier, product name, broker-dealer and broker associated with the contract, and dollar value of the transaction.