What are the benefits of insurance regulation?

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What is the role of the Insurance Regulatory and Development Authority in regulating the insurance industry?
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How does insurance regulation ensure financial stability?
Who is responsible for setting insurance rates?
What is the purpose of customer service regulation in the insurance industry?
What measures should be taken to reduce the number of insurance frauds?
What is the difference between the premium and the deductible?
What is reinsurance and how is it regulated?
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Is there a minimum level of coverage that is required by law?

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