The National Association of Variable Annuities has adopted its widely used nickname, NAVA, as its official designation.
The board of directors of the association, in Reston, Va., voted for the change at a meeting in July.
A new motto, "The Association for Insured Retirement Solutions," will be added as a tagline to the name.
The purpose of the change is to project a broader focus for the association, explains Michael deGeorge, legal counsel for the group.
"National Association of Variable Annuities has become something of a misnomer," he says. "NAVA has always included other insurance products, such as fixed annuities and variable life insurance, that can fit into people's retirement plans. Our mission statement also talks about fixed annuities and variable life insurance, so the name itself was more limiting than what we actually do. NAVA will have a lot of name recognition."
DeGeorge expects the change to be finalized this week, after NAVA formally files its new name with the State of Connecticut, where it was incorporated 13 years ago.
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