Prior Approval government or regulator approval

zhangjessicazhangjessica
in KPMG.RegOv

The BC says "gov approves rate, rate changes and classifications before use" vs F2018 Q3 says "Regulator must approve the rates before they can be used". Is there a difference between a regulator and the government? In my head, the two are different since regulators do not set prices but governments do (readings from Agr & Flood Insurance)

Comments

  • Staff-T1Staff-T1

    There is a difference between government and regulator, yes. A regulator is someone like FSRA or AIRB. They are not the government. Governments only set rates in places like Manitoba through MPI or BC through IBC. They're not involved in rate setting or approval in ON for example. The BC should say 'regulator approves rate' instead of 'government approves rate'

  • grahamgraham

    I've edited the relevant BattleCards. Thx!

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