Question

What is the primary purpose of the 'File and use' system in insurance regulations?

a.

To restrict innovation in product design

b.

To ensure compliance with regulatory instructions

c.

To simplify the process of introducing new products

d.

To increase competition in the insurance market

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).To ensure compliance with regulatory instructions Explanation:The primary purpose of the 'File and use' system in insurance regulations is to ensure compliance with regulatory instructions by requiring insurers to file product details with the regulator before introducing them to the market.

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Q. What is the primary purpose of the 'File and use' system in insurance regulations?
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