APRA's enforcement actions against individuals involved in the circumstances surrounding the collapse of HIH Insurance in 2001 are continuing, following the successful conclusions of some actions recently.

Despite the complexity of such investigations and enforcement actions, APRA has been making steady progress in this area since the conclusion of the HIH Royal Commission in 2003. In some cases, the action has been in conjunction with the Australian Securities and Investment Commission (ASIC).

To date, a total of 42 people have been asked to 'show cause' as to why they should not be disqualified from senior roles in the general insurance industry. Of this total, APRA has disqualified 22 persons and has accepted an enforceable undertaking from one other person.

Another four people were disqualified but had their disqualifications overturned on internal review, while four of the 22 disqualifications are currently still on appeal at the Administrative Appeals Tribunal. A further three people have challenged APRA at the 'show cause' stage in the Federal Court. It was unnecessary to 'show cause' another three individuals who were automatically disqualified as a result of criminal convictions on ASIC charges.

APRA Deputy Chairman Ross Jones said: "It has been a long process following up on the Royal Commission. While we still have further work in this area, we have made substantial progress and have concluded a considerable number of actions."

Many of these cases have been announced in APRA media releases, which can be visited at http://www.apra.gov.au/media-releases/. A list of all general insurance disqualifications appears on the APRA website at http://www.apra.gov.au/General/Disqualification-Register.cfm

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 $2.2 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Stuart Snell, Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0407 250 276

All other inquiries:
APRA Contact Centre
1300 131 060