A number of new senior appointments at APRA will see changes in the industry allocation responsibilities for its Members, including who is responsible for APRA’s activities in life insurance.
The authority says in a statement that it welcomes the Treasurer’s announcement of new APRA appointments, noting that deputy chair John Lonsdale will take the role of APRA Chair from 31 October 2022, when the current Chair Wayne Byres stands down.
The Treasurer also announced that:
- Margaret Cole, currently an APRA Member, will be appointed Deputy Chair
- Suzanne Smith and Therese McCarthy Hockey, currently both APRA Executive Directors, will be appointed as new APRA Members
APRA says these appointments will mean some change in the industry allocation responsibilities for the Members, from 31 October:
- Smith will be responsible for APRA’s activities in life insurance and private health insurance
- Cole will continue to oversee APRA’s activities in the superannuation industry
- Current Deputy Chair Helen Rowell will be responsible for APRA’s activities in general insurance
- McCarthy Hockey will oversee APRA’s activities in banking
The APRA website states that Smith, who has worked in the life insurance sector, joined APRA in March 2019 initially as General Manager for Superannuation and then Executive General Manager for the Specialised Institutions Division. She was then promoted into the Executive Director role with responsibility for the prudential supervision of superannuation funds licensed under the Superannuation Industry (Superannuation) Act 1993.
Prior to joining APRA, Smith’s career included senior roles across the superannuation and financial services industry in areas including life insurance, funds management, asset servicing, alternative investments, wholesale banking and property.
The website says that immediately prior to joining APRA, she held the role of Chief Customer Officer Group Insurance at MLC Life Insurance. She has also held several senior roles within NAB, including acting as a director and Chairman of a NAB Subsidiary Board from 2011 to 2015.
Prior to these changes Rowell had oversight of all insurance industries.
