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Ozzie regulator ends Zurich finite probe.(International News)(Australian Prudential Regulation Authority)(Zurich Australian Insurance Group)(Brief article)
Business Insurance, March, 2007 by Veysey, Sarah
Byline: SARAH VEYSEY SYDNEY, Australia-The Australian Prudential Regulation Authority said that it has finished its investigation into Zurich Australian Insurance Ltd. over a series of allegedly improper financial reinsurance transactions undertaken by the company in 2000. APRA, the Australian insurance regulator, said it is satisfied with all remedial actions taken by ZAIL, and that it will take no further action against the company.
The transactions, undertaken with General & Cologne Re Group Australia, in some cases involved no genuine risk transfer, APRA said in its statement. The deals, which APRA described as "a complex and opaque arrangement that involved multiple contracts spanning several legal jurisdictions,'' resulted in ZAIL's profits being...
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