The FSC has praised former Suncorp Life chief executive Geoff Summerhayes’ “outstanding leadership” during the life insurance reform process while congratulating him on his appointment as a full-time member of the prudential regulator.
Announcing his appoint to APRA last week, Federal Treasurer Scott Morrison said Mr Summerhayes will hold a full-time position with the regulator from 1 January 2016 to 31 December 2020.
Responding to his appointment, FSC chief executive Sally Loane said Mr Summerhayes has made a “significant contribution” to the life insurance industry through his roles as CEO of Suncorp Life, as a director of the FSC board, and as co-chair of the council’s life board committee.
“His leadership during the life insurance reform process over the past 12 months was outstanding,” Ms Loane said.
“His long experience in the private sector in financial services will be valuable as he takes up his APRA position.”
Mr Summerhayes departed his role as CEO of Suncorp Life on 30 September 2015.
According to a statement issued by Suncorp to the ASX, Mr Summerhayes was to remain with the company in an advisory role until 1 January 2016.
During that time he will represent Suncorp in relation to the Trowbridge Report and on the board of the FSC, the statement said.