NAVA Inc., the association for insured retirement solutions, announced the appointment of Rick Heil, CLU, CHFC as director of standards. In his new role, Heil will be responsible for the strategy and development NAVA’s straight-through processing standards (NAVA STP) message standards. NAVA STP is an industry-backed initiative establishing an automated standardized process that streamlines the sale of annuities, the association says.
“We are pleased to have Rick, a renowned expert in his field, join the NAVA team,” says Cathy Weatherford, NAVA president and CEO. “Rick will be a valuable asset to NAVA in his role on NAVA STP, which is central to our new mission to promote consumer confidence in the value and viability of insured retirement solutions.”
Heil will work to develop and promote best practice standards to improve value delivery of critical retirement solutions. He also will assist in the identification, understanding and modification of the NAVA standards that are necessary to comply with the evolving new regulatory requirements, including the coordination of standards activity with other industry trades and standards organizations.
“The NAVA STP initiative has been at the forefront of integrating and resolving process best-practices, regulatory concerns, sales and marketing needs and, most of all, the dramatic improvement of communicating to all affected parties the benefits of insured retirement income solutions, Heil says. “As the retirement community continues to grow and continues to need guaranteed lifetime income solutions, the standards efforts we are developing without question enable and assist insurers, distributors and regulators to insure that the consumer is best served.”
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