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Out-of-Pocket Maximum
A set amount of money that an insured must contribute before the insurer will pay for the rest of the cost of the health care expense.
Insurance Industry News from ProgramBusiness.com
Peters Presented Service AwardDave Peters of the Principal Financial Group® was presented with a Service Achievement Award, at the ACORD June Subcommittee’s General Session. Peters received the award for his six years of leadership and commitment as the Life Steering Committee chairperson.
Peters, who was the first person appointed chair of the committee, feels the most challenging issue that the committee faced six years ago was the limited scope of the standards, which prevented broad company involvement. He is proud of how the process to drive and implement standards has evolved and matured through the hard work and commitment of all the committee members over the years. Peters noted that it is Internet technologies like ACORD’s XML standards that are now facilitating the interactive exchange of information between the life companies and their trading partners.
Gregory Maciag, ACORD president and CEO, praised Peters’ extraordinary contribution. "Under Dave Peters’ leadership, this program has grown from a desktop integration solution for agents with six pioneer companies to a full life and annuities business model connecting the entire value chain with over a 100 companies and international participation."
When asked about the committee’s biggest accomplishments, Peters replied, "The convergence of the data standards efforts of organizations like NAILBA, NAVA and DTCC to build one unified standard for everyone through the ACORD process is a major accomplishment. We’re now speaking one language - that helps the implementation process."
Succeeding Peters as Life Steering Committee chairperson is Monique Hesseling of Mutual of Omaha. Peters will continue to serve as a member of the committee.
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