Business Services Industry
General Re unit to 'co-operate fully' with APRA.(General Reinsurance)(Australian Prudential Regulation Authority)
Australasian Business Intelligence, March, 2005 by Wright, Chris
Mar 29, 2005 (The Australian Financial Review - ABIX via COMTEX)
General Reinsurance Australia has pledged to co-operate fully with regulators in Australia. The company is part of the US group, Berkshire Hathaway, associated with investor Warren Buffett. The Australian Prudential Regulation Authority (APRA) had asked General Reinsurance to show cause why it should not be investigated more fully over policies sold to FAI Insurances in 1998. One reinsurance policy came to light during the HIH Royal Commission in 2002. This policy was used to make a loss by FAI turn into a "profit". General Reinsurance has insisted all along that it sold a legal product that was misused by FAI.
Publication Date: 30 March 2005
GENERAL REINSURANCE AUSTRALIA LTD:...
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