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A criminal investigation into suspected fraud at one of Jersey’s oldest and best-known insurers is still ongoing, four years after it was launched.
A recent answer to a request made under the Freedom of Information Law has revealed that the police probe, which was launched in August 2018, remains live, with “significant progress” being made.
“As it remains a live investigation, there are currently no findings or prosecutions,” the official response continues.
“There is no time limit for the length of any investigation, and it is not unusual for a complex investigation such as this to be so long running.
“No person or persons under investigation are currently employed by the Jersey Mutual Insurance Society.”
Pictured: Jersey Mutual's former office, where the business was based at the time the investigation launched.
In 2018, the insurance society said it suspected that some money owed to reinsurers over the years has been “inappropriately withheld” as it revealed a deficit of nearly £900,000 in its accounts.
Customers then received a letter advising them of the “suspected financial impropriety” but assuring them of the strength of the business.
In the society’s latest annual report, published last September, the board reported: “As detailed in 2018, the Society became aware of potentially fraudulent activity that occurred over a number of years.
“The Society is satisfied that no additional amounts are due to any third party other than the exceptional items included in the current and previous years’ Statements of Comprehensive Income.
“In light of a number of on-going matters in this regard, professional fees will continue to be incurred in respect of the attempted recovery of historic losses.”
The board added that its members remained fully insured, its reinsurance programme had resumed and “the future strength of the Society and the interests of its Members [had] not been compromised.”
Jersey Mutual was established in 1869 and is the island’s only insurance society. Earlier this year, the business moved from Halkett Place to One Seaton Place.
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Jersey Mutual fraud probe still underway after two years
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