Australian Prudential Regulation Authority (APRA) Deputy Chairman Helen Rowell will take over responsibility for insurance after leading a period of extensive change in the regulation of superannuation during the past seven years.

Ms Rowell also chaired APRA’s cross-divisional general insurance industry group from 2006 to 2011 and has represented the regulator at various subcommittees of the International Association of Insurance Supervisors.

“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,” Chairman Wayne Byres said.

The change in role has been triggered by the retirement last year of Geoff Summerhayes and the appointment of board member Margaret Cole, who will take over superannuation when she starts her five-year term in July.

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

Ms Cole has worked internationally at PwC and is also a previous board member and MD Enforcement and Financial Crime at the UK Financial Services Authority, which preceded the Financial Conduct Authority and Prudential Regulation Authority.