[Federal Register Volume 85, Number 197 (Friday, October 9, 2020)]
[Notices]
[Pages 64182-64186]
[FR Doc No: 2020-22379]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90092; File No. SR-NSCC-2020-017]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change To Enhance the Insurance and Retirement Processing Services
To Provide for a New Centralized Repository and Transactional Platform
Called ``Insurance Information Exchange'' and Make Certain
Clarification Changes to the NSCC Rules & Procedures

October 5, 2020.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 28, 2020, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the clearing agency.
NSCC filed the proposed rule change pursuant to Section 19(b)(3)(A) of
the Act \3\ and subparagraphs (f)(2) \4\ and (f)(4) \5\ of Rule 19b-4
thereunder. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(2).
    \5\ 17 CFR 240.19b-4(f)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change would amend NSCC's Rules & Procedures
(``Rules'') \6\ to enhance existing Insurance and Retirement Processing
Services (``I&RS'') to (i) provide for a new centralized repository and
transactional platform called ``Insurance Information Exchange''
(``IIEX'') for transmission of data relating to IPS Eligible Products
(``I&RS Data'') \7\ and (ii) update certain defined terms and the name
of I&RS services in the Rules and make certain other clarification
changes.
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    \6\ Capitalized terms not defined herein are defined in the
Rules, available at https://www.dtcc.com/~/media/Files/Downloads/
legal/rules/nscc_rules.pdf.
    \7\ An ``IPS Eligible Product'' is currently defined in the
Rules and includes such insurance products, retirement or other
benefit plans, or programs that are identified by NSCC as eligible
for processing through its I&RS. See Rule 1, supra note 6.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency included
statements concerning the purpose of and basis for the proposed rule
change and discussed any comments it received on the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. The clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    NSCC is proposing to provide a centralized repository and
transactional platform to transmit and receive data relating to I&RS
Data. NSCC is also proposing to update certain defined

terms and the name of the I&RS services in the Rules to reflect
conventional use of such terms and make certain other clarification
changes.
(i) Background
IIEX
    NSCC is proposing to provide I&RS Members (as defined below) and
their service providers with a centralized data repository to transmit
and receive I&RS Data. Such I&RS Members would include (i) insurance
companies that are Insurance Carrier/Retirement Services Members
(``Carriers''); and (ii) Carriers' intermediaries, such as broker-
dealers, banks and insurance agencies, that are Members, Mutual Fund/
Insurance Services Members and Data Services Only Members that
distribute participating Carriers' insurance products (collectively,
``Distributors,'' and, together with ``Carriers,'' collectively
referred to herein as ``I&RS Members''). Some I&RS Members use third-
party service providers to send or receive I&RS Data on their behalf.
Such third-party service providers are not typically I&RS Members. I&RS
Members authorize NSCC to send I&RS Data to the service providers or
receive I&RS Data from the service providers on the I&RS Members'
behalf.
    I&RS provides for transmission of I&RS Data, including annuity and
life insurance policy applications and premiums, licensing and
appointments, commission payments, reporting of client positions and
valuations, asset pricing, financial activity reporting and annuity
customer account transfers.\8\ I&RS also provides settlement of post-
issue money/funding activities between Carriers and Distributors as
well as between Carriers. The aim of these services is to automate and
provide seamless end-to-end communication between Carriers,
Distributors and their service providers for the sale, processing and
money settlement of insurance products nationwide. NSCC does not act as
a central counterparty with respect to I&RS services and I&RS services
are not guaranteed by NSCC.
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    \8\ The Rules require NSCC to maintain a list of insurance
products and retirement or other benefit plans or programs which may
be the subject of orders processed through I&RS and may from time to
time add IPS Eligible Products to such list or remove IPS Eligible
Products therefrom. An IPS Eligible Product must have been assigned
a CUSIP number. Section 1(d) of Rule 3, supra note 6.
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    Current processing of I&RS Data through I&RS consists of large
batch files transmitted and received by I&RS Members and their service
providers through I&RS. I&RS acts as a pass through receiving the batch
files from I&RS Members and sending them to their counterparts. While
effective and efficient, the sheer volume of records processed daily
can make it challenging for I&RS Members to pinpoint specific
information needed. For example, using Positions & Valuations
(``POV''), Carriers send individual and group annuity, life insurance
long-term care and retirement income/immediate annuities contract
details on a daily, weekly, monthly or other periodic basis to
Distributors, giving the Distributors a current snapshot of their
entire book of business. Often, depending on the life cycle of a
contract or the purpose for the POV data, Distributors will need only a
subset of the I&RS Data provided through I&RS by the Carriers.
    At the request of and in consultation with industry participants,
NSCC developed IIEX, a data repository, that would provide for a
centralized collection of I&RS Data, which I&RS Members and their
service providers could access and query to gather meaningful
information. The data in the IIEX repository would be derived from I&RS
Data that is currently being sent by batch files. I&RS Members and
their service providers would be able to view and retrieve all or a
subset of the information. In IIEX, I&RS will continue to act as a pass
through for I&RS Data but will also start storing the I&RS Data in a
data repository and allow I&RS Members to transmit, view and retrieve
I&RS Data using a user interface and allow I&RS Members and their
service providers to transmit, view and retrieve I&RS Data using
Application Programming Interfaces (``APIs) specifically for use with
IIEX.\9\ IIEX would be an addition to existing services, its use would
be voluntary and existing services for Members or their service
providers would not be affected by the implementation of IIEX.
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    \9\ An API is a code that allows two software programs to
communicate. APIs for IIEX will allow software programs used by I&RS
Member and their service providers to communicate with the IIEX
repository to transmit, view and retrieve I&RS Data.
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    I&RS Members that subscribe to IIEX could access IIEX using their
same connections that they currently utilize to connect to I&RS or
download an API and access IIEX through the API. Service providers that
are authorized by I&RS Members to receive data will have access to IIEX
using APIs. The APIs could be specifically tailored to help I&RS
Members and service providers to make certain types of queries and for
different uses.
    Currently, each I&RS Member indicates which other I&RS Members and
service providers should receive the I&RS Data relating to that I&RS
Member and also the type of I&RS Data that should be sent to other I&RS
Members and service providers. This process would not change as a
result of IIEX and IIEX would not change which parties receive or have
access to I&RS Data. As with existing I&RS services, under IIEX only
I&RS Members or their designated service providers would have access to
an I&RS Member's I&RS Data and IIEX would contain secure entitlements
that would allow only I&RS Members and their service providers to view
and download only that I&RS Data from IIEX that they are entitled to
receive as indicated by the I&RS Member whose I&RS Data they are
receiving.
Changes to the Name of I&RS and Certain Defined Terms
    NSCC is also proposing to update certain defined terms and the name
of the I&RS services in the Rules to reflect conventional use of such
terms. NSCC is proposing to change the name of I&RS from ``Insurance
and Retirement Processing Services'' to ``Insurance & Retirement
Services''. In addition, NSCC is proposing to change the term ``IPS
Data'' to ``I&RS Data'', change the term ``IPS Eligible Products'' to
``I&RS Eligible Products'', and change the term ``MF/IPS Products'' to
MF/I&RS Products''. NSCC is also proposing to remove the footnote in
Rule 57 that states the I&RS was formerly known as the Insurance
Processing Service as such information is not necessary.
(ii) Proposed Rule Changes
    NSCC proposes to amend Rule 57 to add a new feature within I&RS,
called Insurance Information Exchange or IIEX, that would enable I&RS
Members and their service providers to transmit, view and retrieve I&RS
Data using a centralized data repository.\10\ IIEX would be an optional
feature, and I&RS Members would have access to the repository through
their existing connection to NSCC or using APIs being developed in
connection with the feature. Service providers would have access to
IIEX using APIs only, based on authorization by I&RS Members. The
subscription would allow for multiple intraday transmission, viewing,
and retrieval of I&RS Data to which the I&RS Member or service provider
is entitled to receive in the data repository. The proposed rule change
would also provide that service providers would be

required to enter into such agreements as determined by NSCC to gain
access to IIEX, which agreements will include an agreement to pay the
fees set forth in the Rules for IIEX.
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    \10\ Rule 57 generally provides that NSCC will not be
responsible for the completeness or accuracy of any data transmitted
between NSCC Members through I&RS, nor for any errors, omissions or
delays which may occur in the absence of gross negligence on NSCC's
part, in the transmission of such data between NSCC Members. See
Rule 57, Section 1(j), supra note 6. The proposed changes to Rule 57
would be subject to these limitations.
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    NSCC also proposes to amend Addendum A of the Rules to include the
fees for subscription to IIEX.
IIEX Fees for I&RS Members
    IIEX was developed at the request of and in consultation with
industry participants and the proposed fees for IIEX were created to
pay for the costs of developing IIEX and maintaining IIEX in a manner
that would fulfill the requirements for IIEX expected from industry
participants consistent with NSCC's cost-based plus markup fee
model.\11\ Based on financial projections of development and
maintenance costs and anticipated participation by I&RS Members and
service providers, it is not anticipated that the IIEX costs and
revenues will change the overall operating margin percentage of I&RS.
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    \11\ NSCC has in place procedures to control costs and to
regularly review pricing levels against costs of operation. NSCC's
fees are cost-based plus a markup as approved by its Board of
Directors. This markup is applied to recover development costs and
operating expenses, and to accumulate capital sufficient to meet
regulatory and economic requirements. See NSCC Disclosure Framework
for Covered Clearing Agencies and Financial Market Infrastructures,
available at https://www.dtcc.com/-/media/Files/Downloads/legal/policy-and-compliance/NSCC_Disclosure_Framework.pdf, at 121.
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    The proposed fee for I&RS Members would be a monthly subscription
based on the number of policies an I&RS Member would be able to access
in the data repository consistent with the current fee structure for
I&RS Data. For instance, transaction fees for Positions are currently
based on the number of policies accessed by each side (i.e., the side
delivering and the side receiving).\12\ Also consistent with the
current fee structure, the fees for IIEX will be tiered based on the
number of policies to which a participant has access through IIEX.\13\
Those I&RS Members or service providers that have access to more
policies will pay a higher monthly fee but will pay a reduced fee per
policy. For instance, an I&RS Member that has access to 50,000 policies
through IIEX will pay a monthly fee of $1,500 which would be 3 cents
per policy ($1,500/50,000). An I&RS Member that has access to 200,000
policies through IIEX would pay a higher fee of $2,000 per month which
would be 1 cent per policy ($2,000/200,000). As the number of policies
a participant has access to increases, the monthly fee increases by
tier but the price per policy decreases as more policies are accessed
through each tier level. This is consistent with the anticipated costs
of developing and maintaining IIEX. The incremental costs to NSCC of
adding a policy to the IIEX repository is not exactly linear. For
instance, while it will cost more to house 100,000 policies than it
does to house 50,000 policies in the IIEX repository, it will not cost
twice as much. In addition, as discussed above the fees were intended
to cover the costs of developing and maintaining IIEX in accordance
with NSCC's cost-based plus markup fee model.\14\ The fee structure for
existing services will not be affected by the new fees for IIEX.
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    \12\ See Section K.2. of Addendum A of the Rules, supra note 6.
    \13\ See e.g., Positions fees which are tiered based on the
number of items (i.e., policies) are sent or delivered. Id.
    \14\ See supra note 11.
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    This fee structure is designed to cover the costs of developing and
maintaining IIEX.
    Fees for I&RS Members that subscribe to IIEX would be as follows:

------------------------------------------------------------------------
                   Number of policies                       Monthly fee
------------------------------------------------------------------------
0-50,000................................................          $1,500
50,001-200,000..........................................           2,000
200,001-400,000.........................................           3,000
Greater than 400,000....................................           5,000
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IIEX Fees for Service Providers
    The proposed fee for service providers, that would only have access
to IIEX through APIs, would be half the fees charged to I&RS Members
and would also be based on the number of policies the service providers
would be able to access in the data repository. Service providers are
being charged half of the fees of I&RS Members for IIEX because they
will only have access to APIs and the costs for developing and
maintaining APIs is less than the costs for developing and maintaining
IIEX for direct access for I&RS Members. Fees for service providers
that subscribe to IIEX would be as follows:

------------------------------------------------------------------------
                   Number of policies                       Monthly fee
------------------------------------------------------------------------
0-50,000................................................            $750
50,001-200,000..........................................           1,000
200,001-400,000.........................................           1,500
Greater than 400,000....................................           2,500
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    For instance, if a Carrier subscribes and has access to 49,000
policies, the monthly fee for that Carrier would $1,500 because it is
an I&RS Member. If a Distributor subscribes and is provided access only
to such Carrier's 49,000 policies, the monthly fee for the Distributor
would also be $1,500 because it is an I&RS Member. If a service
provider subscribes and is provided access only to such Carrier's
49,000 policies, the monthly fee for the service provider would be
$750.
Proposed Name Changes and Clarification Changes
    NSCC would also amend NSCC's Rules to reflect the proposed name
change of I&RS to Insurance & Retirement Services and change the term
``IPS Data'' to ``I&RS Data'', change the term ``IPS Eligible
Products'' to ``I&RS Eligible Products'', and change the term ``MF/IPS
Products'' to MF/I&RS Products''. NSCC would also remove the footnote
in Rule 57 that states the I&RS was formerly known as the Insurance
Processing Service as such information is not necessary. Such changes
would be made in several places in the Rules.
(iii) Implementation Timeframe
    NSCC would implement the proposed changes by no later than November
30, 2020. In connection with the development of IIEX, NSCC worked with
a group of I&RS Members (the ``Pilot Group'') to determine the
requirements for IIEX that would be expected from industry
participants. IIEX would initially be offered only to I&RS Members that
are members of the Pilot Group in November 2020 in order to finalize
testing in a production environment. For their assistance in the
development of IIEX and assistance in the initial testing in production
data, NSCC would not charge members of the Pilot Group for IIEX until
the first full month that IIEX is available to the Pilot Group in a
production environment, which is anticipated to be December 2020. IIEX
would be offered to all I&RS Members and their service providers
beginning January 1, 2021.
    As proposed, legends would be added to the Rules stating there are
changes that became effective upon filing with the Securities and
Exchange Commission but have not yet been implemented. Each proposed
legend also would include a date by which such changes would be
implemented and the file number of this proposal, and state that, once
this proposal is implemented, the legend would automatically be removed
from the Rules & Procedures.
    In addition, a footnote would be added to the description of IIEX
in Rule 57 that states that IIEX will initially be offered only to I&RS
Members that are members of the Pilot Group, that NSCC will offer IIEX
to members of the Pilot Group in November 2020 in order to finalize
testing in a production environment, that NSCC will not charge the
members of the Pilot Group until the

first full month that IIEX is available to the Pilot Group in a
production environment which is anticipated to be December 2020 and
that on January 1, 2021, IIEX will be offered to all I&RS Members and
their service providers pursuant to Rule 57 and the footnote will
automatically be removed from Rule 57.
2. Statutory Basis
    Section 17A(b)(3)(F) of the Act \15\ requires, in part, that the
Rules be designed to promote the prompt and accurate clearance and
settlement of securities transactions. The changes to the name of I&RS
to ``Insurance & Retirement Services'', the change of the defined terms
discussed above and the removal of the footnote relating to the former
name of I&RS are consistent with this provision because the proposed
clarification changes would enhance clarity and transparency for
participants with respect to services offered by NSCC allowing I&RS
Members to have a better understanding of the Rules relating to I&RS.
The name changes would reflect current uses of the terms used within
I&RS and removing unnecessary language will help to clarify the Rules.
Having clear and accurate Rules would help I&RS Members to better
understand their rights and obligations regarding NSCC's services. NSCC
believes that when I&RS Members better understand their rights and
obligations regarding NSCC's services, they can act in accordance with
the Rules. NSCC believes that better enabling I&RS Members to comply
with the Rules would promote the prompt and accurate clearance and
settlement of securities transactions by NSCC consistent with the
requirements of the Act, in particular Section 17A(b)(3)(F) of the
Act.\16\
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    \15\ 15 U.S.C. 78q-1(b)(3)(F).
    \16\ Id.
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    Section 17A(b)(3)(D) of the Act \17\ requires that the Rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its participants. NSCC believes that the proposed
rule change to Addendum A is consistent with this provision of the Act
because the proposed fees would align with the cost of building and
delivering the proposed IIEX repository to I&RS Members and their
service providers consistent with NSCC's cost-based plus markup fee
model.\18\ NSCC believes the proposed changes to the fee are equitable
because they would apply uniformly to all Members and service providers
that utilize the services. NSCC believes the proposed changes are
reasonable because they would be commensurate with the costs of
resources allocated by NSCC in developing and maintaining IIEX. Based
on financial projections of development and maintenance costs and
anticipated participation by I&RS Members and service providers, it is
not anticipated that the IIEX costs and revenues will change the
overall operating margin percentage of I&RS. Therefore, by establishing
fees that align with the cost of delivery of this feature and
allocating those fees equitably among the subscribing users, the
proposed rule change would provide for the equitable allocation of
reasonable dues, fees and other charges among its participants
consistent with the requirements of Section 17A(b)(3)(D) of the
Act.\19\
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    \17\ 15 U.S.C. 78q-1(b)(3)(D).
    \18\ See supra note 11.
    \19\ 15 U.S.C. 78q-1(b)(3)(D).
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    In addition, the proposed rule change is designed to comply with
Rule 17Ad 22(e)(21) promulgated under the Act.\20\ Rule 17Ad-22(e)(21)
under the Act requires NSCC to, inter alia, establish, implement,
maintain and enforce written policies and procedures reasonably
designed to be efficient and effective in meeting the requirements of
its participants and the markets it serves. The proposed rule change
would enhance the ability of I&RS Members and their service providers
to transmit, view and retrieve I&RS Data in a secure, centralized
location. IIEX would provide I&RS Members and their service providers a
more efficient method of transmitting, viewing and retrieving I&RS Data
and enable I&RS Members and their service providers to provide data
necessary for transacting business more quickly and in a more
streamlined manner. Therefore, by establishing a more efficient and
effective process for data providers to deliver, and data receivers to
receive, I&RS Data, NSCC believes that the proposed change is
consistent with the requirements of Rule 17Ad-22(e)(21), promulgated
under the Act.\21\
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    \20\ 17 CFR 240.17Ad-22(e)(21).
    \21\ Id.
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(B) Clearing Agency's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change would have any
adverse impact, or impose any burden, on competition because the
proposed rule change would add an optional function to NSCC's services
that would provide a more efficient method by which subscribing
Carriers and Distributors and their service providers may transmit,
view and retrieve I&RS Data. IIEX would not affect the type of I&RS
Data that I&RS Members or their service providers are able to transmit,
view and retrieve pursuant to I&RS, it would only affect the manner in
which I&RS Members and service providers may transmit, view and
retrieve I&RS Data. IIEX would not affect services for I&RS Members or
service providers that do not subscribe to IIEX and they would
transmit, view and retrieve I&RS Data in the same manner as they
currently transmit, view and retrieve I&RS Data. The fees for IIEX were
designed to be reasonable and align with the projected cost of building
and operating the IIEX repository and APIs. Therefore, as an optional
feature available for subscription, the proposed rule change would not
disproportionally impact any NSCC Members, have any effect on existing
NSCC services other than to add a new method of transmitting, viewing
and retrieving I&RS Data, nor have any adverse impact on competition.
    Moreover, because the proposed rule change would improve the
efficiency by which subscribing I&RS Members and their service
providers may view, transmit and retrieve I&RS Data, the proposed rule
change may have a positive effect on competition among Carriers and
Distributors. The proposed feature would provide these firms with a
faster, more streamlined method of transmitting and receiving I&RS
Data, and therefore could enable IPS Eligible Products to be marketed
more quickly. Specifically, Distributors could have the ability to
distribute IPS Eligible Products into the market to consumers more
quickly because Distributors would have the ability to obtain
information with respect to these products in a quicker, more efficient
manner. NSCC does not believe that offering early access to IIEX to
members of the Pilot Group for testing in the production environment
will have any impact on competition. While such members will be able to
access data in IIEX earlier than other I&RS Members, NSCC does not
believe the early access to the data in the new repository for less
than two months will have any appreciable effect on the market for such
data or competition.
    NSCC does not believe that the proposed changes to the name of I&RS
or to the defined terms as described above, or the removal of the
footnote explaining the former name of I&RS, would have any impact on
competition because such changes are clarifications of the Rules which
would improve the Member's understanding of the Rules and would not
otherwise affect the rights or obligations of I&RS Members.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others

    NSCC has not received or solicited any written comments relating to
this proposal. NSCC will notify the Commission of any written comments
it receives.

III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \22\ and paragraph (f) of Rule 19b-4
thereunder.\23\ At any time within 60 days of the filing of the
proposed rule change, the Commission summarily may temporarily suspend
such rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
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    \22\ 15 U.S.C 78s(b)(3)(A).
    \23\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NSCC-2020-017 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.

All submissions should refer to File Number SR-NSCC-2020-017. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of NSCC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NSCC-2020-017 and should be submitted on
or before October 30, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22379 Filed 10-8-20; 8:45 am]
BILLING CODE 8011-01-P