Final answer:
Replacement regulation is designed to protect the interests of policy owners by ensuring fairness and transparency in the insurance industry.
Step-by-step explanation:
The answer to your question is b) Policy owners. Replacement regulation is designed to protect the interests of policy owners. This regulation ensures that policy owners are not taken advantage of by insurance companies and helps to maintain fairness and transparency in the insurance industry.
For example, if an insurance policy is replaced with another one, the replacement regulation ensures that the new policy meets the needs of the policy owner and that they are not misled or coerced into making a decision that is not in their best interest.
Overall, replacement regulation is an important aspect of insurance regulation that prioritizes the protection of policy owners' interests.