The fTLD Registry announced on Twitter today that it has settle contention with Donuts and Radix the only other applicants for the new gTLD .Insurance and will be operating the very valuable string.
The fTLD Registry also announced that On September 25, 2014, “fTLD registry was granted the right to operate the new gTLD .Bank”, although the application from the other applicant Radix has not yet been withdrawn
fTLD is planning on operating .insurance with a lot of restrictions
Here is some of the information from their application with ICANN.
“fTLD Registry Services, LLC (FRS) is submitting this application on behalf of the U.S. insurance community to ensure that the .insurance gTLD will serve as a trusted, hierarchical, and intuitive namespace for this community and the consumers it serves.
All registrants within this gTLD will be vetted prior to registration to ensure their identity and their commitment to industry best standards developed by FRS before they are able to register in the .insurance gTLD.
In addition, the registry will employ a network of active and passive safeguards in the operation of the registry to make certain these registrants continue to abide by the terms and conditions set forth in the registration agreement.
The .insurance gTLD will also provide the industry with an innovative space to explore cutting edge business opportunities and mechanisms to better serve consumers using the Internet.
Over time, one of the goals of this gTLD is to become the consumer’s choice for information about the insurance industry.
Due to the strict vetting process that will occur before an .insurance domain is awarded, the number of phishing attacks will be greatly reduced in the .insurance gTLD. FRS will work with the insurance industry to create a strategy that significantly reduces the risk of insurance-related phishing and other malicious activities that are perpetrated on the Internet.
Registrations within the community may initially be made by the following businesses, individuals or organizations:
Licensed insurance companies regulated by a government entity
Licensed insurance agents and brokers regulated by a government entity
Associations whose members include licensed insurance companies, agents or brokers (if approved by the FRS Board)
Organizations that are majority controlled by insurance companies (if approved by the FRS Board)
Entities whose operations are principally dedicated to serving insurance companies (if approved by the FRS Board)
Specialized organizations (e.g., research or risk coordination) (if approved by the FRS Board)
In 2008, the American Bankers Association (ABA) and The Financial Services Roundtable’s (Roundtable) executives and members allocated resources to work in conjunction with member committees to examine the potential impact the Internet Corporation for Assigned Names and Numbers’ (ICANN) new gTLD program could have on the financial services industry and to make recommendations regarding next steps. Marked concern arose regarding the expansion program, especially in light of the resources and expenditures currently dedicated to stem existing online abuses.
At the behest and approval of both the ABA and the Roundtable members and Boards, FRS was formed in 2011 for the explicit purpose of applying for and operating financial services-related gTLDs. In addition, FRS seeks to protect the brand space, improve the protection available for a more secure Internet ecosystem, collaborate on delivering more innovative and secure products and services, and zealously advocate for the interests of the insurance community with ICANN.
The Operating Managers of FRS:
Founded in 1875, the American Bankers Association represents banks of all sizes and charters and is the voice for the U.S. banking industry’s $13 trillion and 2 million employees.
Collectively, more than 18,000 banks with 275,000 branches are represented by the ABA
The American Bankers Insurance Association (ABIA), a subsidiary of the ABA, is the leading bank-insurance industry trade association in the U.S. ABIA members include banking institutions of all asset sizes, including insurance companies, service providers, consultants, and associations.
The first of the Roundtableʹs predecessor organizations, the Association of Reserve City Bankers, was formed in 1912. The Bank Holding Company Act of 1956 led to the 1958 formation of another independent organization, the Association of Registered Bank Holding Companies. The two organizations merged in July 1993, and became The Bankers Roundtable in October 1993
. In early 2000, the first members from the securities, investment, and insurance sectors joined their banking brethren as founding members of The Financial Services Roundtable.
Today, the Roundtable represents 100 of the largest integrated financial services companies providing insurance, banking, and investment products and services to the American consumer.
FRS has actively engaged several insurance-related trade associations to inform them of FRS’ activities and what it could mean for their members. As of April 10, 2012, FRS’ endorsers of the .insurance initiative include The Allstate Corporation, American Bankers Insurance Association, Nationwide, Prudential Financial Inc., and State Farm Insurance Companies.
