Defined terms for the annuity market and lifetime income landscape.
The analytical decomposition of the fiduciary duty into two separable components — the care obligation, requiring competent process and diligent execution, and the loyalty obligation, requiring the fiduciary to place the beneficiary's interests ahead of the fiduciary's own.
A consent order is a negotiated settlement between an insurance carrier and a state insurance regulator resolving a regulatory finding, under which the carrier agrees to specified corrective actions and often a monetary penalty without formally admitting or denying the findings.
The DOL fiduciary rule is the Department of Labor's series of rule-makings defining when a professional providing investment advice for compensation to a retirement account is an ERISA fiduciary with respect to that advice.
The ERISA fiduciary standard is the standard of conduct imposed by the Employee Retirement Income Security Act of 1974 on plan fiduciaries, requiring them to act with prudence, loyalty, and exclusive purpose in the administration of a covered retirement plan.
The fiduciary standard is the legal duty requiring a professional who provides advice or exercises discretion over another party's assets to act in that party's best interest, disclose material conflicts, and exercise the skill and prudence appropriate to the responsibility.
