The Administrative Appeals Tribunal has upheld the decision by the Australian Prudential Regulation Authority (APRA) to disqualify David Slee from holding appointments as an actuary of a general insurer.

Mr Slee was a consulting actuary for the HIH Group of companies from 1997 to March 2001, including the HIH collapse, and has been disqualified under the Insurance Act 1973.

APRA says it disqualified Mr Slee because of his use of unrealistic assumptions in his reports to HIH, specifically estimates for the HIH Group’s claims liabilities, as well as for “uncritical acceptance” of management data.

The Administrative Appeals Tribunal was satisfied he failed to comply with the relevant actuarial code and did not meet relevant standards and regulations set by APRA.