The New Zealand Stock Exchange (NZX) has suspended Insured Group for failing to lodge its annual report on time – for the third consecutive year.

It had given the WA-based broker until last Monday to submit the report, but the deadline was missed and trading in its shares blocked.

In 2011 Insured Group was suspended for almost two months and later fined $NZ50,000 ($43,776) by the Markets Disciplinary Tribunal.

Last year the suspension lasted until January and the fine was $NZ45,000 ($39,398).

Insured Group has made no NZX announcement explaining when the latest annual report, originally due on September 30, will be issued.

Meanwhile, Insured Group’s joint venture with Priority One Network Group seems uncertain, with the latter company still trying to raise $15 million through a public float.

It failed to raise the sum through an initial public offering earlier this year.

Priority One’s biggest shareholder, GoConnect, says in its annual report that the company is still trying to list on the Australian Securities Exchange.

GoConnect’s auditor RSM Bird Cameron says it has been “unable to obtain sufficient appropriate evidence to ascertain the fair market value of the Priority One shares at the date they were distributed to GoConnect”.

The shares were distributed to GoConnect under a joint venture agreement signed in November 2011.

In February last year Insured Group entered a joint venue with Priority One to deliver insurance products to members of the unlisted company.

Under the deal Priority One owns about 16% of Insured Group. In exchange, Priority One issued 8.3 million shares to Insured Group, valued at $2.5 million by an independent adviser.