The Australian Prudential Regulation Authority (APRA) has disqualified William Szuch from working as an appointed actuary after finding he failed to apply actuarial standards under the Life Insurance Act.

APRA found Mr Szuch acted unprofessionally by “failing to properly perform the functions and duties of an appointed actuary” in relation to three friendly societies.

It says Mr Szuch’s assessment of the resilience reserve for several of the societies’ benefit funds was “of considerable concern”; he didn’t consider all of the scenarios required by the actuarial standards, with the result that solvency and capital adequacy assessments were incorrect.