STP Working Group

Implementing the Tasks in the Standards Initiative

All standard-setting and implementation specifications are conducted in various STP-related working groups.

During 2006, as the effort began, the Insured Retirement Institute ran 14 concurrent task forces to draft the initial set of standards. Since then, in 2007 and 2008, the working groups have been drafting implementation guidelines and specifications to assist companies with their implementation efforts.

Here is a listing of active working groups and a summary of their goals. Participation is open only to IRI members.

1. Certification and Agreements: Development of IRI Certification Standards and provisions for a model agreement between insurers and distributors relating to STP.
2. Data Conformity: Responsible for the creation of PPfA and other Data Message Specifications, and coordinating any updates with ACORD and DTCC.
3. Forms Project: Development of Implementation Guidelines relating to critical forms.
4. Government Relations: Continue to meet with state insurance departments to obtain a bulletin or confirming letter regarding STP.
5. Hybrids: Develop model and specifications for use of a “wet signature” document process as an on-ramp to electronic signatures and for clients that “opt-out” of an electronic process.
6. Independent B/D Channel: Integrate industry level business requirements into the current business process model for IRI’s STP. This includes both compliance-centric processes and established practices for new business sales and submissions.
7. Process Framework: Responsible for sustaining the STP Process Model and Technical Reference Architecture.
8. Suitability: Review any new regulatory rules or pronouncements relating to the suitability of annuities.

Join an STP Working Group

Our industry can use your experience and ideas. If you are an Insured Retirement Institute member, you can help in the continuing development of STP industry standards. Complete this form to be added to any of these working groups.