The National Association for Variable Annuities has announced an initiative to set voluntary standards for the electronic annuity purchasing process.

The NAVA Straight-Through Processing Standards Initiative hopes to set paper-free standards, get regulatory acceptance for the standards and help companies implement the standards, according to NAVA, Reston, Va.

Members of the STP program have developed 24 sets of standards concerning matters such as suitability, electronic forms, privacy and records management

The project covers all kinds of annuities, including deferred and immediate annuities and fixed, variable and indexed annuities, NAVA says.

Companies participating on the STP Executive Council include representatives from many large annuity manufacturers and distributors, NAVA says.