NAVA's Straight-through Processing (STP) Standards Initiative developed standards for a fully electronic process for completing the sales transaction. These standards included electronic forms can be introduced into the process and signed electronically by the contract owner and the producer. Typically, during a normal sales transaction a number of critical documents need to be signed. This makes the sales process cumbersome and paper intensive. NAVA solved this problem by incorporating electronic signatures (E-Signatures) into the STP process. Since there are a wide variety of types of E-Signatures, NAVA identified those technology approaches-totally agonistic with regard to specific software solutions-that provided the safest means for collecting signatures electronically and the most efficient mechanisms for moving signed documents with heightened regard for security and privacy protection. The NAVA E-Signature Standards are built upon the Federal ESIGN Act and the Uniform Electronic Transaction Act (UETA), and draw from the insight provided by SPeRS (Standards and Procedures for Electronic Records and Signatures). The E-Signature standards require the use of a distributor 'safe harbor' portal, along with requirements that the signature and content be 'bound' so as not be alterable after signing. Once all signatures are collected, the entire document is 'locked'. E-Signatures provide the capstone to the fully automated annuity sales process. Best of all, it is real and being implemented across a number of pilot programs underway by NAVA-member distributors and insurers.

For more information about NAVA's STP Standards Initiative or the E-Signatures process contact NAVA at STP@navanet.org.