NAVA to Host Conference on New Industry-Backed Annuity Sales Standards.
NAVA NAVA National Association for the Visual Arts
NAVA National Association for Variable Annuities
NAVA Navajo National Monument (US National Park Service)
NAVA North American Vexillological Association to Provide Software Product and Service Providers with Guidelines to Develop STP-Compliant Solutions for Insurance Carriers, Distributors
RESTON, Va. -- NAVA today announced that it is hosting a conference to educate software product and service providers on its recently announced Straight Through Processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ) standards. The goal of the conference is to create an open forum to discuss the information and guidelines necessary to develop future STP-compliant solutions for the annuity industry.
The NAVA Technology Vendor Conference will be held on Tuesday, March 6, 2007 at the Dulles Hyatt Hotel in Herndon, Virginia Herndon is a town in Fairfax County, Virginia, United States. The population was 21,655 at the 2000 census, which makes it the largest of three towns in the county. History from 9:00 a.m. to 4:00 p.m. Technology providers developing solutions in the following areas are encouraged to attend: electronic signature technology, interactive and electronic forms, workflow solutions, electronic document delivery, document management, and records management. Those interested should contact NAVA for details and how to register.
STP is an industry-backed initiative that has established a comprehensive set of standards for doing new annuity business electronically that will benefit consumers, insurers, distributors, and regulators. A coalition of more than 30 leading insurance companies and distributors has approved the 24 sets of STP standards, which address a number of key areas, including suitability, electronic forms, privacy, and records management.
NAVA is currently working with a wide range of insurance carriers, annuity distributors and technology vendors to promote and encourage the implementation of the STP standards and the development of STP-compliant solutions. NAVA is also working with state and federal regulators to secure an understanding and acceptance of the standards. With regulatory acceptance, widespread industry adoption of STP is expected given the anticipated growth in the annuity market as the "boomer boom·er
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NAVA, Inc., the Association for Insured Retirement Solutions, is a non-profit trade association located in suburban Washington, D.C. NAVA provides a variety of services to the industry including educational forums, research, and conferences aimed at furthering the development and understanding of fixed and variable annuities Variable annuities
Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. , income annuities, and variable life insurance. NAVA also maintains and supports an educational website for consumers at www.RetireOnYourTerms.com.
Additional Documentation on NAVA's STP Initiative:
STP Initiative Process Flow Diagram A process flow diagram (PFD) is a diagram commonly used in chemical and process engineering to indicate the general flow of plant processes and equipment. The PFD displays the relationship between major (http://184.108.40.206/docushare/dsweb/Get/Document-5486/ STP%20New%20Business%20Flowchart%20-%2011x17%20v5.3.pdf) (Due to its length, this URL URL
in full Uniform Resource Locator
Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
The STP Initiative Standards (http://220.127.116.11/docushare/dsweb/View/Collection-1106)