The Australian Prudential Regulation Authority (APRA) today announced that it has revoked its November 2004 disqualification of Mr Milan Vukelic from being or acting as a Director or senior manager of a general insurer or authorised non-operating holding company, or a senior manager or agent of a foreign general insurer in Australia.

Mr Vukelic sought a review by a second APRA decision-maker of the earlier decision, as provided for under the Insurance Act 1973. As a result of that review, it was concluded by the second decision-maker that there was not sufficient evidence to support the original decision. The decision to disqualify Mr Vukelic has therefore now been revoked by APRA.

Mr Vukelic is currently the Chief Executive Officer of the London-based Faraday Group (Faraday), which encompasses Faraday Underwriting and Faraday Reinsurance Co. Ltd. Faraday is a member of the GR group, a wholly-owned subsidiary of Berkshire Hathaway.

APRA is advising the Financial Services Authority in the United Kingdom of its decision.

The November 2004 disqualification was announced in the APRA Media Release 04-48 issued 8 December 2004.

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.