Verbal | Re: the correct use of [main subject][second noun][-ing modifier]

Oh god ! again
777
https://gmatclub.com/forum/before-1988- ... 41547.html
Before 1988, insurance companies in California were
free to charge whatever rates the market would bear,
needing no approval from regulators before raising
rates.

here : needing should modify the subject of the previous sentence
the market is the subject of the
...

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