The Government today announced the appointment of Mr Ian Laughlin as a member of the Australian Prudential Regulation Authority (APRA) for a three-year period commencing on 1 July 2010.
Mr Laughlin is a qualified actuary with extensive experience in the financial services industry, particularly in the insurance industry. He is currently serving as Chairman of the Board Audit Committee of AMP Life Limited, has served as Managing Director of the United Kingdom subsidiaries of AMP Financial Services and has held senior management positions in Suncorp and National Mutual.
"The appointment of Mr Laughlin is highly regarded in the financial services industry and ensures that the APRA Executive continues to have significant insurance expertise with the departure of Mr John Trowbridge", Mr Bowen said.
Mr Laughlin will replace Mr Trowbridge whose term of appointment as a member of APRA ends on 30 June 2010.
Mr Trowbridge has made an important contribution as a member of APRA since joining the organisation in 2006. In particular, he strengthened the organisation's standing with the insurance industry and guided enhancements to the general and life insurance prudential frameworks. More recently, he completed a number of important initiatives, including the development of APRA's prudential standards on executive remuneration in regulated institutions. He has also served as a member of the Financial Reporting Council.
"I would like to express my appreciation for the significant contribution Mr John Trowbridge has made to APRA over the past four years and welcome Mr Laughlin, who will be a valuable addition to APRA."
As of 1 July 2010, the Executive Group of APRA will consist of three Members: Dr John Laker AO (Chairman), Mr Ross Jones (Deputy Chairman) and Mr Ian Laughlin.
17 June 2010