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SYDNEY, AustraliaThe Australian Prudential Regulation Authority has finished its investigation into Zurich Australian Insurance Ltd. over a series of improper financial reinsurance transactions undertaken by the company in 2000.
APRA, the Australian insurance regulator, said it is satisfied with all remedial actions taken by ZAIL, and that it will take no further action against the company.
The transactions, undertaken with General & Cologne Re Group Australia, resulted in ZAIL's profits being overstated.
APRA has disqualified several former employees of ZAIL.