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.

Disbursements are system generated activities. When an activity is processed that moves money out of a policy, a disbursement activity is automatically generated and will display on the Activity screen. Click the lightning bolt icon next to the disbursement to process it.

When a disbursement is first processed, it is applied to the policy in pending status. The money may be moved into outbound accounts or accounts for downstream processing. Some activities can be configured to move a disbursement from pending to active status so that it can be approved. These activities usually exist at the client or plan level. Check the Plan Activity screen or Client Activity screen to see if Disbursement update activities exist. They will display in the Activity drop down list if the user has the proper security privileges .

View Disbursement Details

To view the details of a disbursement, click the row expander button of the activity from the tabular view in the Activity screen. This will open the Activity Details expanding the row.  The links to disbursement details will be available. Disbursement details include:

• effective date

• person receiving the disbursement

• disbursement amount

• taxable amount

• payment address

• payout method

• error status

• disbursement number