Defined terms for the annuity market and lifetime income landscape.
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 Consumer Price Index is the Bureau of Labor Statistics' monthly measure of the average change in prices paid by urban consumers for a fixed basket of goods and services, and is the reference index for Social Security cost-of-living adjustments and most inflation-linked instruments.
The contract anniversary is the annual recurring date corresponding to the contract issue date, used in deferred annuity contracts as the reference point for crediting period boundaries, free withdrawal allowance resets, surrender charge schedule progression, and other annual events.
