NU Online News Service, Oct. 4, 4:15 p.m. — Henderson, Nev.
Members of the National Association for Indexed Products, Reston, Va., voted here at the association’s annual meeting to change its name and broaden its focus.
The new name is the National Association for Fixed Annuities, says Joan Boros, the association’s vice chairman.
NAFA will add a tag-line that identifies NAFA as “The Association for Traditional Fixed and Indexed Products.”
Originally, the 6-year-old trade group focused on preserving, protecting, and defending indexed products, especially indexed annuities. The association now plans to focus on all fixed annuity products, not just fixed indexed contracts.
“We want to broaden our mission,” Boros says.
The effort to include more types of fixed annuities reflects the growing interest in fixed annuity products in recent years, Boros says.
In a related move, the association voted to broaden its membership base by allowing individual agents and other distributors to become associate members for annual dues of $200.
Associate members will be allowed to participate in NAFA programs geared toward improving understanding of traditional fixed and indexed annuities and other indexed products, Boros says.
The change will mean that, in the future, NAFA will offer a two-track meeting structure. One track will address global issues related to traditional fixed and indexed annuity products, and the other track will address issues pertinent to the producers who sell the products.
NAFA also elected Jack Marrion, formerly executive director of NAIP, to be executive director of NAFA. Marrion is the president of The Advantage Group, St. Louis, an indexed product information and tracking service.