Australia Defends Decisions on HIH.Australian regulators defended their actions in the months leading up to the failure of HIH Insurance HIH Insurance was Australia's second largest insurance company, which was placed into provisional liquidation on 15 March 2001. The demise of HIH is considered be the largest corporate collapse in Australia's history, with liquidators estimating that HIH's losses totalled up to $5. Ltd., saying they didn't have legal grounds to intervene sooner and that most policyholders were better off because of transactions the company entered before putting itself into liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy March 15. The Australian Prudential Regulation Authority The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the Australian financial services industry. Regulatory scope APRA oversees banks, credit unions, building societies, friendly societies, general insurance and reinsurance companies, life was responding to press reports that its chairman had said the regulator had held back for fear of spooking markets and harming the insurer. The authority said comments by its chief executive officer, Graeme Thompson, were "misreported." "Mr. Thompson has said that it is a big step for a prudential supervisor like APRA APRA (ä`prä) or the Alianza Popular Revolucionaria Americana, reformist political party in Peru, also called the Partido Aprista. to appoint an inspector to a public company--and it needs to have solid grounds to take such a step' the authority said in a statement. "Apart from needing to observe legal requirements, premature action by a prudential supervisor can make things worse, rather than better," the statement continued. "The vast majority of the HIH HIH abbr. Her (or His) Imperial Highness Group's policyholders are in a better position now, as a result of an arrangement made with other insurers, than they would have been if APRA had moved to appoint an inspector three months ago." |
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