HIH-related disqualification overturned
09.28
The Administrative Appeals Tribunal (AAT) has set aside the disqualification of Mr Robert Reginald Stitt by the Australian Prudential Regulation Authority (APRA).
The effect of the AAT’s decision is that Mr Stitt is treated as if he had never been disqualified from being or acting in a senior insurance role.
Between 20 January 1992 and 15 March 2001, Mr Stitt was a non-executive director of HIH Insurance Limited (HIH). Mr Stitt was a member of the audit committee from 1992 until 2001 and a member of the human resources committee from the inception of the committee in 1993. Mr Stitt was also a director of HIH Investment Holdings Ltd, a subsidiary of HIH.
On 1 June 2007, Mr Stitt was disqualified by APRA from being or acting as a director or senior manager of a general insurer.
Mr Stitt sought review of APRA’s decision with the AAT on 26 June 2007 and the AAT on 14 August 2009 published its reasons for setting aside the disqualification.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.