Australia's insurance regulator has been accused of misleading a federal minister, durring an investigation into collapsed insurer HIH.
Australia's insurance regulator has been accused of misleading a federal minister, during an investigation into collapsed insurer HIH.
The Royal Commission investigating Australia's biggest financial collapse told the hearing that the Australian Prudential Regulation Authority (APRA) discouraged a government agency from appointing an inspector to examine HIH's finances.
The investigators also claimed APRA had been so relaxed in its supervision that it might as well have not existed.
Wayne Martin, the commission's senior counsel told the hearing that in the two years before HIH's collapse with debts of A$5.3bn (£3bn), APRA had missed at least 17 opportunities to investigate the insurer.
He alleged: "Since at least the middle of the year 2000, the dogs were barking loudly enough to rouse even the most inattentive and soporific guardian into action."
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