Which of the following terms refers to a process that is not necessarily enacted by legislation?

Regulation refers to a set of rules or directives that are established by administrative agencies or authorities, rather than being created directly through legislative action. These regulations aim to administer and enforce laws effectively and can cover a wide range of issues. While legislation is often necessary to provide the framework or authority for these regulations, the process of regulation itself does not require new laws to be enacted; it can be developed through various administrative processes.

This distinction is important because regulations can be modified, implemented, or enforced without formal legislative procedures. For example, regulatory agencies may update guidelines or issue regulations based on existing statutes that grant them authority. Understanding that regulation is a broader process that may not hinge directly on statutes or acts helps clarify the roles of different entities in shaping policy and compliance.

In contrast, statutes and acts specifically refer to written laws that have been formally enacted by a legislative body, while a policy typically reflects an organization's principles or strategies, which may not have legal standing. This distinction supports the understanding of regulatory frameworks within the context of insurance and other fields.