NAVA Extends STP Initiative to Independent B-D Distribution Market

NAVA, Inc. the association for Insured Retirement Solutions, is extending its straight-through processing (STP) initiative to the independent annuity distribution channel with the help of the Financial Services Institute (FSI), an advocacy group for independent broker-dealers and financial advisers.

NAVA’s alliance with FSI means that the initiative will reach FSI, which includes 110 broker-dealer member firms with more than 130,000 independent registered representatives.

At the center of the initiative is a set of standards for managing new annuity business electronically, which would benefit consumers, insurers, distributors, and regulators, according to a press release from NAVA.

The initiative includes 24 sets of STP standards, which address areas such as suitability, electronic forms, privacy, and records management, and covers all annuity types – deferred and immediate; qualified and non-qualified; and variable, fixed, and indexed annuities.