Defined terms for the annuity market and lifetime income landscape.
Insurance department examination is the periodic on-site financial review conducted by a state insurance department of a carrier domiciled in that state, evaluating solvency, reserves, capital adequacy, and compliance with statutory accounting rules.
Insurance holding company regulation is the state regulatory regime governing an insurance carrier that is part of a corporate group, addressing affiliate transactions, dividends to the parent, changes of control, and enterprise-level risk oversight.
An investment advice fiduciary is a person who renders investment advice for a fee or other compensation with respect to any moneys or other property of an employee benefit plan or an IRA, and who is treated as an ERISA fiduciary under Section 3(21)(A)(ii) of ERISA with respect to that advice.
Liquidation of insurance companies is the state regulatory process under which the domiciliary state's insurance commissioner takes control of an insolvent carrier that cannot be rehabilitated, marshals its assets, and distributes them to claimants in a statutory order of priority.
Market conduct examination is the periodic review conducted by a state insurance department of a carrier's sales, disclosure, replacement, claims-handling, and complaint-handling practices, focused on how the carrier treats contract owners rather than on its financial condition.
