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Notice given 13 February 2008

281  Senator Webber: To ask the Minister representing the Treasurer—Are banks with an Australian banking licence permitted to hold data or records on accounts in associated banks or subsidiaries domiciled in known tax havens.

283  Senator Webber: To ask the Minister representing the Treasurer—

(1) Did the Australian Prudential Regulation Authority (APRA) ever place any restrictions, formally or informally, on Mr Murray Nugent or the companies he was involved with, specifically Reward Insurance Ltd and Australian Home Warranty Pty Ltd, on writing licensed builder home warranty insurance (LBHWI) from 1 July 1999 onwards.

(2) Can the Minister confirm that Mr Nugent continued to write LBHWI through Rewards Insurance Ltd after 1 July 1999.

(3) Can the Minister confirm that APRA has the power to disqualify an individual from holding roles within the Australian insurance industry; if so, why has APRA never moved to disqualify Mr Nugent from operating in the insurance industry.

(4) If Reward Insurance Ltd was under the minimum capital requirements for insurance companies from 2001 onwards, why did not APRA shut the company down.

(5) Can an outline be provided of all investigations, recommendations and directions undertaken and instigated into Reward Insurance Ltd since 1999 by: (a) APRA; and (b) the Australian Securities and Investments Commission (ASIC).

(6) Can the Minister confirm that investigations by APRA and ASIC into Reward Insurance Ltd and Mr Nugent have stalled since May 2005; if so, why.