The Australian Prudential Regulation Authority (APRA) has accepted enforceable undertakings from two former Zurich Australia executives who acknowledged their roles in transactions that misled APRA and auditors about the solvency of the company's Australian general insurance arm in 2000.

Former CEO Malcolm Jones and former senior executive Florian Salzgeber have agreed not to act as directors or senior managers of a general insurer, authorised non-operating holding company or be agents of a foreign general insurer for 14 and 12 years respectively.

The regulator disqualified Mr Jones in May 2007 and Mr Salzgeber in December 2006. Both successfully sought a review of their disqualifications in the Administrative Appeals Tribunal.

For both men, removal from the industry starts from the date of their original disqualifications.

APRA says the announcement of their undertakings was delayed due to the July 31 tribunal decision rejecting appeals against disqualification by other former Zurich executives John Butler and Alan Parsonson for their roles in the same matter.

Seven former Zurich employees have now been removed from the industry, as well as from General Re and Cologne Re group companies.

An investigation examined two financial reinsurance transactions between Zurich Australian Insurance Limited and General & Cologne Re Group Australia that resulted in Zurich's profits being overstated by $61 million and giving the appearance the insurer met its regulatory solvency requirement when it did not.