What term describes rates after an insurance company files for approval and implements them?

The term "File and Use" refers to a regulatory approach that allows insurance companies to implement new rates after filing them with the appropriate regulatory authority but before receiving formal approval. In this system, insurers can begin using the filed rates immediately upon submission, which expedites the process of rate adjustments. This approach encourages insurers to adjust their rates more quickly in response to market conditions while still providing some level of oversight to ensure rates are not excessively high or unfairly discriminatory.

In contrast, "Open and Use," "Rate Filing," and "Approved Use" do not accurately capture the essence of this regulatory framework. "Open and Use" is not a recognized term within insurance regulation, while "Rate Filing" merely describes the action of submitting rates for approval, not their implementation. "Approved Use" could imply that rates only take effect after being formally approved, which does not apply in the context of the "File and Use" system since it allows for immediate usage. Thus, the correct answer encompasses the full cycle of filing and immediate implementation of rates, which is key for understanding the regulatory environment of insurance pricing.