Disbursement Overview

Disbursements are the payment of money from the company to a client, broker or any other entity.  For annuity contracts, payment that is made by insurers towards deferred annuity contracts during the accumulated period is also categorized as a disbursement.

Disbursement accounts are configured in the Rules Palette.  In order for the disbursement activity to process in OIPA, a disbursement transaction entity must exist in the Rules Palette Chart of Accounts.

There are three activities that will generate a disbursement activity in OIPA: FreeLook, Withdrawal and FullSurrender.  When one of these activities is processed, the disbursement activity will display on the Activity screen.  You can click the Activity Details icon to the left of the Disbursement activity to open the Activity Details window.  Then you will be able to view links to disbursement details such as:

• effective date

• person receiving the disbursement

• disbursement amount

• taxable amount

• payment address

• payout method

• error status