| Straight-Through Processing Should Help Annuity Industry
A project under way to create electronic straight-through processing of annuities of all kinds should make business much easier for all of the industry players and could give sales a boost, according to NAVA. NAVA, formerly the National Association for Variable Annuities, and the Securities Industry and Financial Markets Association in August 2006 entered into an alliance to set the scope of the project and drive implementation. The goal is "to create a set of standards establishing a common process for doing electronic new business submission for annuities" from account opening to contract delivery, said Deborah Tucker, NAVA vice president, on April 19 at the Retirement Industry Conference. Since 2001, NAVA has worked on the development of standards for data messages and conformity and e-signatures, she said.
BOTETOURT WOMAN PLEADS GUILTY TO MAIL FRAUD AND MONEY LAUNDERING
United States Attorney John L. Brownlee announced today that Monica Yates, age 40, of Daleville, Virginia, pleaded guilty to one count each of mail fraud and money laundering in United States District Court in Roanoke. The plea was entered before Judge Samuel G. Wilson pursuant to a plea agreement. .
Punjab enhances retirement age of medical
Chandigarh: The Punjab Government on Thursday decided to enhance retirement age for government medical teachers to 60 years. The decision was taken at a meeting of the Punjab cabinet here. The retirement age has been increased for medical, dental and Ayurvedic teachers. The government also announced that vacant posts of medical teachers would be filled with re-employment of teachers who retired in 2006-07. The decision has been taken to save medical colleges in Punjab from disaffiliation from the Medical Council of India (MCI). In some medical colleges there was an acute shortage of medical teachers in various disciplines. (IANS) .
Resolution bounces back from merger talks collapse
Life insurer Resolution has bounced back from the collapse of merger talks last week with forecast-beating results for 2006 and a pledge to keep looking for acquisition targets. Operating profits were ahead of market expectations at £390m, on a European embedded value basis, which insurers use to show the value added to the business. This included a £106.7m profit from the former Abbey life insurance division it bought six months ago. Chief executive Mike Briggs said the results provided "clear evidence of the effectiveness of our business model". .
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