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NewRiver Unveils Variable Annuity Summary Prospectus Index

NewRiver, Inc, creators of the leading central repository of mutual fund documents and data for financial services firms – today announced the immediate availability of the NewRiver Summary Prospectus Index for Variable Annuitiessm. Similar to the Company’s highly regarded NewRiver Summary Prospectus Indexsm, this latest Index tracks and provides a high level-overview of all of the summary prospectus filings that are part of variable annuity contracts. NewRiver is also offering Insurance companies a more detailed version of this Index specific to each company’s variable insurance products.

According to the Index, a significant number of documents are being filed well in advance of the May 1 filing date when a majority of funds tend to file. Through January 2010, 78 variable product contracts have at least one sub-account with a summary prospectus document. Likewise, there are 168 sub-accounts that have summary prospectus documents. However, as individual sub-accounts are often included in multiple contracts, there are a total of 776 sub-fund documents available across all variable annuity contracts so far.

“We originally created the NewRiver Summary Prospectus Index to track the mutual fund adoption of the SEC rule,” stated Russ Planitzer, CEO and Chairman of NewRiver, Inc. “Due to the overwhelming popularity of that index, and the growing adoption of summary prospectuses within variable products, we thought it timely for insurance companies and others in the industry to get a preview of what’s to come.”

This announcement follows NewRiver’s September, 2009 upgrade of Variable Products Express 2.0 – a solution that allows insurance carriers to host their contracts and related fund compliance documents and assures these documents mirror those found on the SEC’s EDGAR system. More importantly, insurance carriers can provide their customers with immediate access to all required compliance documents without having to re-direct the contract owner to the various fund company’s web sites.