APRA bans insurance executive

Risk staff
01 Feb 2007

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Regulation

APRA said Florian Salzgeber, who was an executive of Zurich from January 1999 to May 2003, misled auditors as to the true nature of financial reinsurance transactions. Salzgeber was a member of the financial team responsible for capital management and APRA reporting.

The two financial reinsurance transactions with General & Cologne Re Group Australia, undertaken in 2000, resulted in Zurich Australia Insurance's profits in that year being overstated by $61 million, with the effect that the firm appeared to meet the regulatory solvency requirement when it did not.

APRA deputy chairman Ross Jones said that APRA relies on officers in responsible positions within regulated entities to act with integrity and honesty at all times and will take action to remove those who do not act in this way from APRA's regulated industries. APRA said it is still considering the fitness and propriety of other people involved in the transactions.

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact [email protected] to find out more.

You are currently unable to copy this content. Please contact [email protected] to find out more.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

You are currently on corporate access.