POMPANO BEACH, Fla., Dec. 6, 2007 (PRIME NEWSWIRE) -- Blue Frog Solutions, a leading provider of life and annuity solutions for order management, compliance, and straight-through processing, today released its Annuity Replacement Evaluator (ARE), a tool for analyzing and evaluating annuity 1035 exchanges and qualified plan replacements.
In today's financial landscape, 1035s and qualified plan replacements are very common. However, producing documentation that compares the surrendered or exchanged annuity to the new business annuity to satisfy IRC 1035(a) (now FINRA Rule 2821) has been difficult, at best.
The Annuity Replacement Evaluator is a hosted solution from Blue Frog Solutions that allows financial advisors to compare and print annuity replacement evaluations derived from a combination of surrendered contract data entered by the financial advisor, as well as up-to-date annuity new-business-product information provided by insurance carriers.
Financial advisors simply enter information about the contract owner and the 1035 or qualified plan replacement (surrendered contract) and select the new business product, features and feature details from a list provided by insurance carriers. At the completion of the data entry process, the financial advisor is able to review all of the information he or she entered before generating the evaluation. The advisor can then save the evaluation to his or her desktop as a PDF file or print the documents for historical purposes.
"Blue Frog's Annuity Replacement Evaluator will give broker/dealers a leg up in providing reliable annuity evaluation and analysis of information," says Dan Smith, Blue Frog's COO. "With this innovative new tool, financial services firms can be more assured that they are in compliance with FINRA Rule 2821."
Blue Frog Solutions (www.bluefrogsolutions.com), based in Pompano Beach, Florida, is a leading technology solutions provider and business processing outsourcing (BPO) firm that focuses on the life, annuities and long-term care market. Blue Frog automates both front- and back-end business processes between carriers and distributors with a focus on compliance to create automated business process efficiencies. Blue Frog's solutions are based on the firm's flagship ADMServer Framework software suite. As one of the largest providers of ACORD-based transactions and DTCC solutions, Blue Frog currently provides ADMServer solutions to more than 60 percent of the top 40 life and annuity companies and many of the largest distributors in the U.S.
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