NAVA and IBM join to standardize VA sales

The model aims to create an industry standard to streamline the process of selling VA contracts and simplify compliance.
JUN 30, 2008
By  Bloomberg
NAVA Inc., the Association for Insured Retirement Solutions, is teaming up with IBM Corp. of Armonk, N.Y. to make the first model available for NAVA’s straight-through-processing-standards initiative for variable annuities. The STP model aims to create an industry standard to streamline the process of selling VA contracts and simplify regulatory compliance. The standards include automated processes to ensure annuity sales suitability, uniform processes for e-signatures, electronic forms, privacy policies and records management. STP-compliant annuity sales processes will give the industry "seamless interoperability" between distributors and insurance carriers, improving "in good order" business, providing customers with greater transparency and improving the overall consumer experience, the Reston, Va.-based insurance industry association said in a statement. Currently, STP implementations are under way at several providers, including Fidelity Investments of Boston, LPL Financial of Boston, Merrill Lynch & Co Inc. and Morgan Stanley, both of New York, National Planning Holdings Inc. of Santa Monica, Calif., Pershing LLC of Jersey City, N.J., Raymond James Financial Inc. of St. Petersburg, Fla. and Wachovia Securities LLC of St. Louis.

Latest News

In an AI world, investors still look for the human touch
In an AI world, investors still look for the human touch

AI is no replacement for trusted financial advisors, but it can meaningfully enhance their capabilities as well as the systems they rely on.

This viral motivational speaker can also be your Prudential financial advisor
This viral motivational speaker can also be your Prudential financial advisor

Prudential's Jordan Toma is no "Finfluencer," but he is a registered financial advisor with four million social media followers and a message of overcoming personal struggles that's reached kids in 150 school across the US.

Fintech bytes: GReminders and Advisor CRM announce AI-related updates
Fintech bytes: GReminders and Advisor CRM announce AI-related updates

GReminders is deepening its integration partnership with a national wealth firm, while Advisor CRM touts a free new meeting tool for RIAs.

SEC charges barred ex-Merrill broker behind Bain Capital private equity fraud
SEC charges barred ex-Merrill broker behind Bain Capital private equity fraud

The Texas-based former advisor reportedly bilked clients out of millions of dollars, keeping them in the dark with doctored statements and a fake email domain.

Trump's tax bill passes senate in hard-fought victory for Republicans
Trump's tax bill passes senate in hard-fought victory for Republicans

The $3.3 trillion tax and spending cut package narrowly got through the upper house, with JD Vance casting the deciding vote to overrule three GOP holdouts.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.