Former HIH CEO Ray Williams has been jailed for four-and-a-half years, with a non-parole period of two years and nine months, for his part in the insurer’s collapse.

He will appeal the jail term on the grounds that it is “manifestly excessive”.

Mr Williams had pleaded guilty to three charges, carrying a maximum term of 12 years.

Yesterday former HIH director Rodney Adler received a jail sentence of four and a half years with a non-parole period of two and a half years.