tapered roller bearing preload

Does this ring preload the taper bearing?  If so it should not really be that tight (Just enough to preload the taper bearing by the right amount, hence the use of the grub screws to lock it in place.)  Has it been stripped down before and retightened?  (These internet strip downs never seem to talk about torque settings which I would have though are pretty critical for precision engineered parts like these)