Business Services Industry
Reinsurance broker banned by APRA.(Australian Prudential Regulation Authority)(Brief Article)
Australasian Business Intelligence, February, 2005 by Main, Andrew
Feb 09, 2005 (The Australian Financial Review - ABIX via COMTEX)
The Australian Prudential Regulation Authority (APRA) has banned a Sydney reinsurance broker. John Tuckfield had sent an email to his colleague in 1998 about a "secret deal with FAI". He was then employed by UK broker Guy Carpenter. Weeks after the reinsurance contract, HIH had acquired FAI for $A300 million. HIH collapsed in March 2001. The HIH Royal Commission found the reinsurance contract was not genuine. APRA said Tuckfield failed to act with good faith and honesty.
Publication Date: 10 February 2005
FAI INSURANCES LIMITED:
HIH INSURANCE LIMITED:
GUY CARPENTER AND COMPANY PTY LTD:
AUSTRALIAN PRUDENTIAL REGULATION
AUTHORITY:
AUSTRALIA....
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