Jersey insurer investigated for suspicious accounts

Jersey

The Jersey Mutual Insurance Society is being investigated after ‘historic accounting activities’ were uncovered.

The home and contents specialist insurer informed the island’s financial regulator, the Jersey Financial Services Commission, as well as the police on Thursday.

It also sent a letter to its members, assuring them that they remain fully insured and that its reinsurance partners are aware of the situation and remain fully supportive.

Sam Breton, president of Jersey Mutual, said in a statement: “It is with regret that I can confirm that the society has uncovered historic accounting activities which appear to be suspicious in nature and we have reported these to the relevant authorities in line with our regulatory and legal requirements. We continue to work closely with the authorities to uncover the full extent of these irregularities.

“As you will appreciate this is an ongoing investigation and therefore I am unable to answer any questions at this time.

“However, I can confirm that no members’ policies have been affected by this issue and that the society’s solvency has not been compromised.

“The society, which next year will have served our island for 150 years, remains fully operational and open for business and looks forward to continuing its service to the island.”

A spokesperson for the Jersey Financial Services Commission said: “We can confirm that we are working with Jersey Mutual Insurance Society and the States of Jersey Police. As this is an ongoing investigation, we are unable to give further detail or comment at this time.”

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