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NAVA Lines Up Regulator Support For Processing Initiative

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State insurance regulators are starting to put their support for the new Straight-Through Processing standards initiative in writing.

NAVA, Reston, Va., the variable annuity group that led the effort to develop the STP annuity business processing standards, says it already has sent teams to meet with regulators in 24 states and has obtained written bulletins or letters of acknowledgement from regulators in Arizona, Indiana, Iowa, Kansas, Michigan, Nebraska, South Dakota and Virginia.

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The NAVA teams plan to meat with 6 more state insurance divisions or departments by the end of the year and the remaining 20 in 2008, the group says.