Question

What role does the regulator play in the 'Use and File' system?

a.

Conducts technical analysis before product introduction

b.

Intervenes only upon receiving complaints from the public

c.

Enforces strict restrictions on insurer innovation

d.

Dictates product design and marketing strategies

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Intervenes only upon receiving complaints from the public Explanation:In the 'Use and File' system, the regulator intervenes only upon receiving complaints from the public regarding the product, rather than conducting technical analysis before product introduction.

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Q. What role does the regulator play in the 'Use and File' system?
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