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APRA stays course on Zurich reinsurance issue
The Australian Prudential Regulation Authority (APRA) has said it is continuing to consider the fitness and propriety of individuals connected with reinsurance transactions associated with Zurich Australia Insurance Limited in 2000.
The regulator made the announcement at the same time as confirming the Administrative Appeals Tribunal (AAT) had ordered a stay of an APRA decision earlier this month to disqualify a former chief financial officer of Zurich Australia Insurance Limited, John Butler, 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.
Butler sought APRA’s reconsideration of its decision and at the same time applied to the AAT for a stay of the decision pending the outcome of that reconsideration.
The AAT ordered that the operation of APRA’s decision to disqualify Butler be stayed until March 2, when the reconsideration had to be completed.
AUTHOR
Mike Taylor
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