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SYDNEY, AustraliaThe Australian Prudential Regulation Authority has stayed a decision to disqualify a former Zurich Australia Insurance Ltd. executive.
APRA said that in February, it had banned John Butler from being or acting as a director or senior manager of a general insurer.
APRA said that Mr. Butler had applied to the Australian Administrative Appeals Tribunal for a stay of the decision to disqualify him as a result of the role he played in two financial reinsurance transactions between Zurich Financial Services Ltd. and General & Cologne Re Group Australia in 2000, which resulted in Zurich's profits being overstated.
Mr. Butler held a number of positions at Zurich in Australia, including chief financial officer, general manager of general insurance, chief operating officer, chief executive officer and a director.
APRA said that last week, the AAT ordered that the regulator's decision to bar Mr. Butler be stayed until March 2 when a reconsideration must be completed.