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

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.