A general insurer files with APRA, following the prudential standards, the s 49J certificate covering the statutory accounts prepared for every financial year and the reports referred to in ss 49J and 49K; failing to do so is a strict-liability offence (300 penalty units, or up to 60 penalty units for an individual involved under Criminal Code Part 2.4). The insurer tracks the lodgement deadline the prudential standards set and does not rely on the auditor or actuary to lodge on its behalf without confirming it occurred.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.