THE Insurance and Pensions Commission (IPEC) is set to perform a forensic investigation on First Mutual Life Assurance Company

In a cautionary statement, the insurance regulator said the forensic investigation followed the asset separation exercise by IPEC.

“Shareholders are advised that the Insurance and Pensions Commission (IPEC) intends to perform a forensic investigation on First Mutual Life Assurance Company (FML), a subsidiary of First Mutual Holdings Limited (the Company), arising from the asset exercise initiated by IPEC,” said First Mutual.

IPEC has deemed the submissions made by FML not to be adequate to enable completion of the review of asset separation at FML.

“FML is therefore consulting with IPEC to understand the areas of inadequacy and will continue to work closely with the Regulator to resolve the outstanding issues in the shortest possible time,” First Mutual.