2017S.3(a)

ThrowGrowThrowGrow
in KPMG.RegOv

I am not able to make sense of the sample answers to this question.

Is there a set time period for approval under Prior Approval system?
Below is my answer, does it make sense? Thanks!
"File and Use system requests simpler filing documents. Regulators have a set period to approve the rates otherwise the rates can be implemented. Prior Approval system requires complicated documentation and no set period for approval. Thus, it will be faster to get approval under File and Use system"

Questions

Sample answers:

https://www.battleactsmain.ca/pdf/Exam_(2017_1-Spring)/(2017_1-Spring)_(03).pdf

Comments

  • Staff-T1Staff-T1

    The regulator has 30-90 days to approve under the file and use. Your answer is fine. I think the first point is incorrect, that seems to be Use and File

  • ThrowGrowThrowGrow

    Thanks for your reply! The first point doesn't seem right to me. Also, the second point, "Prior approval must be approved earlier", doesn't seem right either. I think it should be later.

  • Staff-T1Staff-T1

    I think the second point seems correct to me. Prior approval is what we have in ON Auto. FSRA needs to approve it first before rates can be implemented.

  • ThrowGrowThrowGrow

    I see. Thanks! I misunderstood. I thought it's "earlier than File and Use".

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