An application to the Administrative Appeals Tribunal by Mr Aaron Stephenson to overturn his disqualification by the Australian Prudential Regulation Authority (APRA) has been withdrawn and deemed dismissed by the Tribunal.

Mr Stephenson is the managing director of Rural & General Insurance Broking Pty Limited, and in November 2004 he was disqualified by APRA under the Insurance Act 1973 from being a director or senior manager of a general insurer. The disqualification was reviewed and confirmed internally by APRA in December 2004.

Following that review, Mr Stephenson exercised his right to apply to the Administrative Appeals Tribunal to have the disqualification reconsidered.

However Mr Stephenson withdrew his application on Wednesday 1 August 2007 after eight days of hearing. Accordingly, the Tribunal dismissed his application to review the disqualification.

Mr Stephenson remains subject to an ongoing disqualification order and cannot hold the position of a director or senior manager of an authorised general insurer in Australia. APRA had determined that while Mr Stephenson was Managing Director of Rural & General Insurance Limited, an insurance company now in run-off, he was responsible for misleading APRA and for breaching prudential standards and conditions imposed on the license of the insurer.

APRA’s media release at the time of Mr Stephenson’s disqualification can be viewed on APRA’s website at: www.apra.gov.au/media-releases/04_44.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 $2.5 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Andrew McCutcheon, Public Affairs Manager
Australian Prudential Regulation Authority
Telephone: 02 9210 3143
Mobile: 0417 528 660

All other inquiries:
APRA Contact Centre 1300 131 060