The standards include automated processes to ensure annuity sales suitability, uniform processes for e-signatures, electronic forms, privacy policies and records management.
STP-compliant annuity sales processes will give the industry "seamless interoperability" between distributors and insurance carriers, improving "in good order" business, providing customers with greater transparency and improving the overall consumer experience, the Reston, Va.-based insurance industry association said in a statement.
Currently, STP implementations are under way at several providers, including Fidelity Investments of Boston, LPL Financial of Boston, Merrill Lynch & Co Inc. and Morgan Stanley, both of New York, National Planning Holdings Inc. of Santa Monica, Calif., Pershing LLC of Jersey City, N.J., Raymond James Financial Inc. More>>
