The Australian Prudential Regulation Authority (APRA) today announced that it has revoked its March 2005 disqualification of Mr Ross Eade 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 in Australia of a foreign general insurer.

Mr Eade 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, the original decision was overturned. The decision to disqualify Mr Eade has therefore now been revoked by APRA. The March 2005 disqualification was announced in the APRA Media Release 05-18 which was issued on 31 March 2005.

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.