Defined terms for the annuity market and lifetime income landscape.
A state guaranty association is a nonprofit entity established under each state's insurance law to provide limited coverage to contract owners of insolvent life and health insurance companies licensed in that state, funded through assessments on the solvent insurers operating in the state.
State insurance department is the state-level government agency that regulates insurance companies and insurance products — including annuities — within its state, with primary regulatory authority over licensing, solvency oversight, market conduct, and consumer protection.
State insurance regulation is the system under which each U.S. state — rather than the federal government — licenses insurance carriers, regulates the annuity and insurance products they sell, monitors their financial condition, and handles carriers in distress.
