The Australian Prudential Regulation Authority (APRA) today announced that it is considering the need to disqualify or remove some individuals from responsible person positions in the general insurance industry.

The move follows the handing down of the findings of the HIH Royal Commission and includes directors, senior managers, auditors and actuaries of general insurers.

APRAs Executive General Manager, Mr Charles Littrell, said that the Commissioners report had added weight and substance to the regulators own information, producing a list of around ninety individuals who may have breached fitness and propriety requirements in the Insurance Act.

We dont expect that APRA will need to disqualify all or even perhaps the majority of these people, but these decisions will require substantial work over the coming months.

Mr Littrell said that APRA also is working to refer individuals, where appropriate, to offshore regulators in cases where the HIH Royal Commission noted questionable actions by individuals who fall outside APRAs reach.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.  It currently regulates $1.5 trillion in assets for 20 million Australians.