ACORD releases XML standards update. (Technology).

The Association for Cooperative Operations Research and Development said it has unveiled a new release of the Joint Venture XML Standards for Reinsurance and Large Commercial Insurance.

The release--version 2001.1--is based on extensive pilot testing of the earlier version 1.0, which was released in June 2000, by a number of broker and reinsurer organizations in the United States, the United Kingdom and Europe.

As a result of the pilot testing, transaction structures have been simplified and XML designs were optimized, so interfaces to them could be incorporated efficiently into an implementer's internal systems.

Extensible markup language, or XML, is a standard computer language that allows users to create tags for each piece of information on a Web page.

ACORD's new release includes updates to other implementation documentation and to the Joint Venture interactive Data Dictionary to fully support the new version of the XML standards.

ACORD assumed responsibility for the maintenance and development of JV Standards on July 1. Work on the standards began in 1992, when its development was brought about by a partnership of industry organizations based in the United States, the United Kingdom and Europe, said the company. At the time, ACORD assumed responsibility for the Reinsurance Standards, JV partners included WISe, IVANS, the Brokers and Reinsurance Market Association and the Reinsurance Association of America.

JV standards have been developed for all parts of the reinsurance business cycle, including placement, accounting, claims and settlement. They can be downloaded at www.acord.org or at www.justandards.org.