Business Services Industry
Today's APRA has the power and will to act.(Australian Prudential Regulation Authority)(Brief Article)
Australasian Business Intelligence, February, 2005 by Boyd, Tony
Feb 16, 2005 (The Australian Financial Review - ABIX via COMTEX)
The collapse of HIH Insurance exposed weaknesses in the structure of the Australian Prudential Regulation Authority (APRA). Changes were made to APRA after the regulatory body failed to act on warnings that HIH was in trouble. In 2003, Australian Treasurer Peter Costello abolished the APRA board and replaced it with an executive committee. Under APRA's new structure, any urgent regulatory issues are referred directly to the committee. APRA is now more powerful than it was at the time of HIH's collapse.
Publication Date: 17 February 2005
HIH INSURANCE LIMITED:
AUSTRALIA. DEPT OF THE TREASURY:
AUSTRALIAN PRUDENTIAL REGULATION
AUTHORITY
By Tony Boyd...
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