APRA disqualifies former Zurich executive
The Australian Prudential Regulation Authority (APRA) has disqualified a former Zurich employee from being a director or senior manager of a general insurer, authorised non-operating holding company or agent of a foreign general insurer.
Florian Salzgeber was an executive of Zurich Australia Insurance (ZAI) and Zurich Financial Services Australia (ZFSA) between 1999 and 2003 as well as a member of their financial team responsible for capital management and APRA reporting.
His disqualification follows APRA’s 2005 enforceable undertaking of ZAI and ZFSA after ZAI failed to meet regulatory solvency requirements concerning two financial reinsurance transactions from 2000.
In its investigations of the matter, APRA concluded that Salzgeber did not demonstrate the requisite “integrity in the conduct of business duties” as required in the prudential standard.
Specifically, it found that Salzgeber knowingly acted on improper directions from colleagues, causing the auditors of ZAI and ZSFA to be misled as to the transactions’ true nature.
APRA is continuing its investigations of the other individuals involved.
Speaking in general, APRA deputy chair Ross Jones said the authority would take action to remove any manager within its regulated industries who did not act with integrity and honesty.
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