What is a requirement for a general insurance product renewal or new business submission?

In the context of general insurance, a closing submission is essential for the renewal of a policy or for the submission of new business. This document serves as a comprehensive summary of the terms and conditions that are agreed upon by both the insurer and the insured. It lays out the final details of the coverage, including premiums, sum insured, and the specific risks being covered.

This process helps ensure that all parties are aligned in their expectations regarding the insurance coverage. It also facilitates proper risk assessment and allows the insurer to verify that they are adequately covered against potential liabilities. Having a closing submission is crucial as it formally completes the agreement between the insurer and the policyholder, enabling the issuance of the policy and the commencement of coverage.

In terms of the other options, while evaluation reports, claim reports, and review periods may play roles in the underwriting process or in assessing ongoing risk management, they are not fundamental requirements specifically required for the renewal of a general insurance product or submission of new business. These documents can be useful for internal assessments or for the improvement of services offered by the insurer but are not as critical as a closing submission.