Question

What is the typical process under the 'File and use' system before introducing a new insurance product?

a.

The product is immediately introduced to the market

b.

The product is filed with the regulator and introduced after regulatory clearance

c.

The product undergoes extensive market testing

d.

The product is introduced first, and then regulatory clearance is sought

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).The product is filed with the regulator and introduced after regulatory clearance Explanation:Under the 'File and use' system, a new insurance product is filed with the regulator, and it can be introduced in the market only after obtaining regulatory clearance.

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Q. What is the typical process under the 'File and use' system before introducing a new insurance product?
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