An appeal to the Administrative Appeals Tribunal (AAT) by John Butler and Alan Parsonson, who were disqualified by the Australian Prudential Regulation Authority (APRA) for their respective roles at Zurich Australia Insurance (ZAIL) and Zurich Financial Services, has been upheld.
AAT affirmed APRA’s decision to disqualify both Butler and Parsonson from being or acting as a director or senior manager of a general insurer, authorised non-operating holding company or agent of a foreign general insurer.
APRA’s disqualification of Butler and Parsonson in February 2007 relate to two financial reinsurance transactions with General and Cologne Re Group Australia (GCRA) in 2000 that resulted in ZAIL appearing to meet its regulatory solvency requirement when it did not.
