APRA misled minister, failed in duty to prevent HIH collapse
By Kylie Walker
SYDNEY, Jan 15 AAP - Australia's insurance industry regulator misled a federal ministerover its inadequate handling of the failing HIH Insurance group, the inquiry into HIH's$5.3 billion collapse heard today.
The Australian Prudential Regulation Authority's (APRA) response to HIH's gradual slidetowards liquidation was so ineffective that it might as well have not existed, said seniorlawyer at the HIH royal commission Wayne Martin QC.
In addition, he said APRA's diversified institutions general manager Thomas Karp misledthen-federal financial services and …
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