APRA takes action against Zurich executive

Asia Pacific

The Australian Prudential Regulation Authority (APRA) has disqualified Alan Parsonson, the former regional manager of Australia/Pacific for Zurich Insurance Company, from being or acting as a director or senior manager of a general insurer, authorised non-operating holding company or agent of a foreign general insurer. Mr Parsonson was also a director of Zurich Australian Insurance Limited (ZAIL) and of Zurich Financial Services Australia Limited (ZFSA) during 2000 and 2001. APRA said Mr Parsonson knowingly procured ZIC’s approval of ZAIL’s entry into a reinsurance contract designed to give the false appearance that ZAIL had significantly improved its financial position and solvency in 2000; and that his conduct enabled ZAIL to mislead APRA, ZAIL’s auditors and the ratings agencies.