Australian Prudential Regulation Authority (APRA) Deputy Chairman Helen Rowell will assume responsibility for general, life and private health insurance in executive board changes triggered by the retirement last year of Geoff Summerhayes.

Mr Summerhayes will be replaced on the board by Margaret Cole, who will oversee superannuation when she takes up a five-year term starting July 1.

“Margaret’s arrival provides a natural opportunity to review and refresh the allocation of responsibilities amongst the APRA members to take advantage of the mix of skills and experience amongst the group,” Chairman Wayne Byres said.

“Helen, as well as being a qualified actuary, was one of APRA’s senior insurance supervisors earlier in her career and was heavily involved in the design of APRA’s insurance capital framework, so is very well equipped to oversee the insurance industry.”

Treasurer Josh Frydenberg says Ms Cole will bring a strong enforcement background and global perspective to APRA.

Ms Cole has worked at PwC where her roles have included Global Regulatory Policy and Engagement Leader and General Counsel and Chief Risk Officer.

Previously she was MD Enforcement and Financial Crime and a board member at the UK Financial Services Authority and also spent more than 20 years in private practice as a solicitor specialising in commercial litigation with an emphasis on financial services.

Mr Summerhayes, who previously oversaw insurance, completed his five-year term at the end of December. Before joining APRA he was Suncorp Life CEO.