Defined terms for the annuity market and lifetime income landscape.
The diversification requirement is the ERISA fiduciary duty requiring a plan fiduciary to diversify plan investments so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so.
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.
A downstream insurance subsidiary is the regulated insurance entity owned by an insurance holding company that issues insurance contracts, holds the assets backing them, and is licensed and capitalized at the state level — the entity against which the contract owner actually holds the claim.
