A second non-executive director linked to the collapse of insurer HIH has successfully overturned a ban imposed by the Australian Prudential Regulation Authority (APRA).

Justin Gardener, who served on the HIH board from December 1998 to March 2001, is the second non-executive director since August to have his disqualification overturned by the Administrative Appeals Tribunal (AAT).

Mr Gardener, a chartered accountant, was a member of the audit committee during his time with HIH, serving as chairman for two-and-a-half weeks from late February to early March 2001.

APRA barred Mr Gardener from acting in a senior insurance role in 2006 after finding that, among other transgressions, he failed to disclose to the board findings of an audit showing the company was at risk.

But the AAT found Mr Gardener showed diligence and competence in his role, and set aside the APRA ruling.

Mr Gardener says he has no intention of serving in any future insurance role, and launched the case simply to clear his name.

Robert Stitt, a fellow member of the HIH audit committee, had his disqualification overturned on appeal in August last year.

In the same month, APRA announced it had accepted an enforceable undertaking from former HIH Chairman Geoffrey Cohen that bars him from any insurance role until 2015.