Question

Under the prior approval plan, insurers file proposed policy rate information with?

1) The Governor
2) Their underwriters
3) The Department of Insurance
4) Their clients

Answer 1

Under the prior approval plan, insurers file proposed policy rate information with the Department of Insurance.

Step-by-step explanation:

Under the prior approval plan, insurers file proposed policy rate information with the Department of Insurance. This plan is a regulatory approach where insurance companies must submit their proposed policy rates to state insurance regulators for approval.