This is the first installment of a monthly Outlook column on the progress of NAVA's Straight-Through Processing (STP) Standards Initiative.

A key element of NAVA's Straight-Through Processing (STP) Standards Initiative is to secure acceptance from state insurance regulators, a critical step to clear the way for carriers and annuity distributors to adopt the STP standards throughout their operations nationwide. To this end, NAVA delegations, consisting of representatives from three to four insurance companies, the local trade association, NAVA, and the ACLI are in the process of visiting insurance departments in all 50 states, and obtaining written acknowledgement from each that e-commerce, as defined in the STP standards, is in compliance with their regulations and statutes. By the end of September, the STP Government Relations Task force had met with insurance departments in 21 states, and to date, six bulletins/letters of acknowledgement have been issued:

Arizona*

Connecticut

Delaware

Florida

Indiana*

Iowa

Kansas*

Kentucky

Louisiana

Massachusetts

Michigan

Mississippi

Missouri

Nebraska*

North Carolina

North Dakota

Rhode Island

Tennessee

Texas

Utah*

Virginia*

(*) Bulletins/Letters Issued

The goal is to meet with 30 state insurance departments by the end of 2007, and with the remaining 20 in 2008. The progress thus far has been very encouraging. NAVA is optimistic that it is on track to secure approval of STP in all 50 states.