The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Peter Butler Thompson from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973.
Mr Thompson held various positions at HIH Insurance Limited HIH and related companies from 1997 until 2000, including General Manager Special Projects, CEO of HIH UK, General Manager Risk Management & Reinsurance Division and non-executive Chairman of Cotesworth & Co.
APRA found that Mr Thompson knew the structure of HIH’s reinsurance with respect to transactions with National Indemnity and General & Cologne Re Group Australia and had failed to advise HIH’s auditors of all the relevant circumstances surrounding those transactions.
APRA’s Deputy Chairman, Mr Ross Jones, said that APRA expects the senior management of authorised insurers to ensure that financial results are properly reported, and that boards and auditors are fully informed about any matters likely to materially affect an insurer’s financial position.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $2.0 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.