ASIC Action Against Former Health Fund CEO

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Dated: 11 February 2005

ASIC ACTION AGAINST FORMER HEALTH FUND CEO

The Private Health Insurance Administration Council (PHIAC) has been advised that the Australian Securities and Investment Commission (ASIC) has taken legal action against a former Teachers Union Health chief executive officer, Judith Anne Holland.

PHIAC Chief Executive Gayle Ginnane said PHIAC had investigated Teachers Union Health when it failed to meet the standards required under the National Health Act 1953.

Mrs Ginnane said findings of an independent inspector and an administrator appointed to Teachers Union Health by PHIAC led to PHIAC referring matters to other regulators for further investigation.

“Independent investigation by other parties resulted in ASIC’s action today. PHIAC is unable to comment further for legal reasons,” she said.

About PHIAC:

The Private Health Insurance Administration Council (PHIAC) is an independent Statutory Authority that regulates the private health insurance industry.

Further information:

Ms Gayle Ginnane
Chief Executive Officer
Private Health Insurance Administration Council
(02) 6215 7999


Released by:

Ms Jann George
Phillips Group
(07) 3230 5000
Mobile: 0517 780 670