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APRA bans former Zurich exec


SYDNEY, Australia—The Australian Prudential Regulation Authority has disqualified a former executive of Zurich Australia Insurance Ltd. from being or acting as a director or senior manager of a nonlife insurer.

APRA said that Florian Salzberger has been banned for not demonstrating the requisite "integrity in the conduct of business duties," in relation to his role in two financial reinsurance transactions that resulted in ZAIL's profits in 2000 being overstated.

APRA found that Mr. Salzberger knowingly acted on improper instructions from others in ZAIL and its sister company Zurich Financial Services Australia Ltd.—of which he also was an executive—and in doing so led the companies' auditors to be misled about the true nature of the financial reinsurance contracts.