Where APRA gives written notice requiring it, a general insurer appoints, at its own expense, an actuary other than its s 39 appointed actuary, who is not an officer of the insurer, to investigate all or part of its liabilities at a given time and report in writing (s 49E(1)-(2)). The insurer appoints that actuary and advises APRA of the name within 7 days of the notice, appoints a different actuary within a further 7 days if APRA finds the first unacceptable, and ensures APRA receives the actuary's signed report within 30 days of the original notice or any extension APRA allows (s 49E(3)-(7)); the report states the actuary's opinion on the adequacy of reserves, the accuracy of valuations, the assumptions used and the information relied on. Failing to appoint within time is an offence (100 or 60 penalty units) under s 49F. Only an Australian resident holding Fellow status with the actuaries' professional body, or someone APRA has separately approved,, can take the s 49E appointment (s 49G).
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.