A body corporate seeks APRA's authorisation, in writing, before it may run an insurance business (s 12(1)); APRA may require a statutory declaration about information in the application (s 12(1A)) and may set criteria for authorisation by legislative instrument (s 12(1B)). APRA must refuse an application from an applicant with pre-1 July 2003 uninsured medical indemnity arrangements still capable of creating liability (s 12(3A)), and may refuse an applicant whose parent body corporate does not itself hold authorised-NOHC status (s 12(3)). At any time, by written notice, APRA may impose, vary or revoke conditions on the authorisation, which must relate to prudential matters and may override the prudential standards (s 13(1)-(2)); APRA may also condition the authorisation on an insurer's holding company being an authorised NOHC (s 13(3)). The insurer complies with every condition on its authorisation for as long as it is in force.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.