Using a mainframe or Internet connection, insurance carriers electronically send information about underlying assets, accumulation units and valuations to NSCC, which then routes the information to distributors.

Data are available in three formats:

• A focused refresh file (PFF), including underlying fund and current value information. A PFF file includes the distributor’s entire book of business and is typically sent on a daily basis.
• A full refresh file (PVF) that provides PFF data, as well as information pertaining to contract parties and service features. It includes the distributor’s entire book of business, transmitted according to a schedule agreed upon by trading partners.
• A new business file (PNF) that provides data in the identical format to the PVF file but includes only new contract information. It contains information on contracts that are newly issued or have a change of agent with a new distributor affiliation. Each new contract is sent once. Future information related to the new contract is included in PFF or PVF files.
• A business file (PRP) that supports insurance-based group annuities and mutual fund-based retirement accounts. It includes reporting at the plan level, allows for multiple contracts & product types, reporting at the participant level, plus detailed plan and participant level data.