The Australian Prudential Regulation Authority (APRA) has disqualified another individual linked with the FAI/HIH saga, and indicated more disqualifications are on the way.

This time it has banned former Guy Carpenter reinsurance broker John Tuckfield from acting as a director or senior manager of a general insurer or authorised non-operating holding company, or acting as a senior manager or agent of a foreign insurer in Australia.

APRA alleges Mr Tuckfield helped arrange reinsurance contracts with National Indemnity for FAI Insurance, which artificially boosted FAI’s 1998 solvency position.

The regulator says Mr Tuckfield was aware the transaction involved no genuine risk transfer and would be misrepresented to other parties. It says he also knew the deal would “ultimately prove to be financially detrimental to FAI”.

And APRA Deputy Chairman Ross Jones says it’s continuing to investigate individuals in connection with the insurer’s collapse. “APRA expects to have comprehensively assessed some 40 individuals for possible disqualification by the time this exercise is complete.”