Defined terms for the annuity market and lifetime income landscape.
Policyholder priority in insolvency is the statutory ranking, established under state insurance receivership law, that places contract owners of an insolvent insurance carrier ahead of general unsecured creditors in the distribution of the carrier's remaining assets.
A protected cell company is a corporate structure, most commonly used in the captive insurance and reinsurance context, that segregates the assets and liabilities of individual cells within a single legal entity so that the creditors of one cell have no claim on the assets of another.
A registered investment advisor is a person or firm registered under the Investment Advisers Act of 1940, either with the Securities and Exchange Commission or with a state securities regulator, to provide advice about securities for compensation subject to a fiduciary duty to clients.
Rehabilitation of insurance companies is the state regulatory process under which the domiciliary state's insurance commissioner takes control of a financially impaired carrier and attempts to restore it to solvency, as an alternative to liquidation.
The Securities Act of 1933 is the federal statute that requires most securities offered or sold to the public in the United States to be registered with the SEC and delivered with a prospectus disclosing material facts about the offering.
