The Actuaries Institute has taken disciplinary action against Graham Peter Osborn, the appointed actuary of the former Rural & General Insurance Ltd.

It comes after the Australian Prudential Regulation Authority (APRA) complained to the institute’s professional conduct committee in May last year, pointing to Mr Osborn’s role at Rural & General and his preparation of an insurance liability valuation report at June 30 2008.

APRA says Mr Osborn failed to comply with its General Prudential Standard 310 on auditing, actuarial reporting and valuation, and with the institute’s Professional Standard 300.

A notice published by the institute last week says an investigating sub-committee found in May 2011 that there was a prima facie case of actionable conduct and a professional conduct tribunal was formed.

The tribunal found on August 16 that Mr Osborn “had committed, or been engaged in, actionable conduct (being unprofessional conduct)”.

It determined he would be given a warning and required to attend an institute professionalism course at his own expense within 12 months.

Rural & General, which is in liquidation, has had several battles with APRA and in 2002 was listed by the regulator as being in run-off.

In 2004 APRA discontinued Federal Court action to wind up the company, which had agreed to a deed of company arrangement. APRA said then it “intends to keep the insurer under close supervision during the period of the deed”.

The company is now called ACN 000 007 492.

The institute says neither APRA nor Mr Osborn appealed against the tribunal’s determination.