NAVA is spearheading an industry-backed initiative to establish a comprehensive set of standards for simplifying and improving the electronic annuity purchasing process for consumers, insurers, distributors, and regulators. The goal of NAVA’s Straight-through Processing Standards Initiative (STP Initiative) is to (1) create a set of operational standards for a process that is paper free, (2) garner regulatory acceptance of the process and (3) assist the industry in the implementation of the standards. In agreeing with uniform processes and procedures, the industry intends to establish a means of delivering clearer information about annuities to better inform consumers.

If you are participating, you can enter the STP Portal by clicking here.