APRA’s announcement of the  disqualification of Mr Robert Stitt QC from being or
acting as a director or senior manager of a general insurer or
authorised non-operating holding company, or a senior manager or agent
of a foreign general insurer in Australia, as a result of his conduct as a non-executive director of HIH Insurance Limited (HIH), a member of the HIH Audit Committee from 1992 until 2001 and the
Human Resources Committee from its inception in 1993 and as a director of HIH Investment Holdings Ltd., a subsidiary
of HIH, continues its firm stance on enforcement as a result of the HIH collapse.

To date APRA has disqualified 26 individuals in
connection with HIH, five of whom are currently subject to
Administrative Appeals Tribunal appeal. A further three individuals are
still subject to assessment.