The National Securities Clearing Corp. is moving ahead with a project that could increase automation of the annuity sales process.
The NSSC, a unit of the Depository Trust & Clearing Corp., New York, has notified the U.S. Securities and Exchange Commission of a rule change that will allow for the electronic exchange of attachments to messages about variable annuities.
The attachments could include image data in the PDF format, according to the NSSC.
The change will help implement the annuity “straight-through processing” initiative of NAVA Inc., Reston, Va., the NSSC says.
The SEC, which supervises the NSSC and other self-regulatory organizations, has approved the rule change and posted the notice about it in the Federal Register.