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The Actuary The magazine of the Institute & Faculty of Actuaries

Actuary banned

Actuary Geoffrey V Trahair was disqualified in April by APRA, the Australian Prudential Regulation Authority, from acting as an Approved Actuary, director, or senior manager of a general insurer in Australia. He is currently and remains employed as an actuary in Sydney.

Trahair was an FAI actuary from February 1998 and its national workers’ compensation manager from September 1998, moving to HIH after it bought FAI. APRA found that he knew FAI was significantly under-reserved and helped to withhold data from FAI’s auditors, PricewaterhouseCoopers, so FAI’s liabilities at June and December 1998 were significantly understated. APRA’s findings have been referred to the Institute of Actuaries Australia.