OAS/IVA is an ideal product for companies who currently have an incomplete, complicated, or manual annuity payout environment. It completely automates all company administration tasks, including tasks that other systems cannot handle. OAS/IVA addresses the common problems associated with the administration of periodic payouts for immediate annuities, supplementary contracts, and structured settlements. It includes numerous advanced features, such as multiple payees per contract and multiple payment streams per payee. The system contains a complete set of administrative, accounting, reporting, and actuarial functions.

Products Supported:

• Single Premium Immediate Variable Annuities
  
• Single Premium Immediate Fixed Interest Annuities
  
• Supplementary Contracts
  
• Structured Settlements
  
• Equity Indexed Payouts
  
• Tax Qualified and Non-Qualified Products
  

Benefit Types Supported:

• Pure Life
  
• Life with Period Certain
  
• Period Certain (Non-Life Contingent)
  
• Joint and Percent to Survivor (With or Without Period Certain)
  
• Temporary Life
  
• Lump Sum
  
• Life Contingent Lump Sum
  
• Cash Refund
  
• Installment Refund
  
• Cost of Living Adjustment (COLA)
  

General System Functionality:

• 100% HTML Interface
  
• Online, Real Time Undo/Redo
  
• Online Quoting, Including Calculation of Target Premium for Desired Benefit Stream
  
• Print Policy Spec Page, Benefit Page and Assembly Instructions
  
• Full Commission Processing, (Statements, Checks, Adjustments, Cumulative Sales, Commission Structures, etc.)
  
• Computation of State and Federal Taxes for Contributions and Distributions
  
• Suspense Transfer and Disbursement Processing
  
• General Accounting, Separate Accounting and Accounting for Breakage
  
• Forms and Letters Generation (Quarterly Statements, Confirms, etc.)
  
• Interface to External Corporate-Wide Systems
  

Client Information Characteristics:

• Centralized Name and Address Facility
  
• Percentage-Defined Client Roles
  
• Large Number of Payees Per Contract Available, Each with Multiple Payout Streams
  
• Phonetic and Alpha Search
  
• Ability to Track all Contracts Tied to an Agent or Distribution Channel
  
• Multi-Company Support
  

Policy Administration Functionality:

• Financial and Non-Financial History
  
• Automatic Asset Allocation
  
• Automated Price Correction/Price Break Processing
  
• On Request Transfers and Asset Reallocation
  
• Partial Withdrawal Processing
  

Payout Processing Functionality:

• Automated Increasing Payout Streams
  
• Leveling of Variable Payments
  
• Payout Floor as Percent of Initial Payout
  
• Bonus Credits
  
• Combined Checks
  
• Internal Product Exchange
  
• Calculation of Exclusion Ratio
  
• Electronic Funds Transfer (EFT)
  
• Advanced Date Check Processing
  
• Split Payments into Taxable Portion
  
• Death Benefit Continuation
  
• Complete Death Claim Processing
  

Actuarial Functionality:

• Commuted Values Calculated by First Principles
  
• Up to Five Assumed Investment Returns
  
• Valuation Reporting of Inforce Contracts
  
• Policy Exhibit and Reporting by State and by Year of Issue
  
• Increases/Decreases Report for Change In Reserves