Announcing the appointment yesterday, federal Treasurer Scott Morrison said Mr Summerhayes will occupy the role from 1 January 2016 to 31 December 2020.
Mr Summerhayes departed from his role at Suncorp Life on 30 September 2015.
According to a previous announcement by Suncorp, however, he will stay with the company in an advisory role until 1 January 2016.
During that time, he will represent Suncorp regarding the Trowbridge Report and on the board of the Financial Services Council (FSC).
FSC chief executive Sally Loane said Mr Summerhayes has made a “significant contribution” to the life insurance sector through his position as chief executive 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 and his long experience in the private sector in financial services will be invaluable as he takes up his APRA position,” Ms Loane said.
