ASIC has obtained Federal Court orders preventing Victorian broker Jeffrey McNally from selling policies for unauthorised foreign insurer Atlantic & Pacific.

The orders also apply to two Melbourne-based companies associated with Mr McNally, Allied Asia Holdings and Allied Asia Underwriting Agencies.

Melbourne-based Allied Asia and has been placing insurance for Australian clients with Atlantic Pacific Insurance, a company which APRA says is falsely claiming that it’s registered in the Marshall Islands. ASIC’s Director of Enforcement, Jamie Orchard, said ASIC sought the orders “because of the clear risk to those with insurance that any claims placed with an unincorporated or unregulated insurer may not be met”.