The Australian Securities and Investments Commission (ASIC) has urged anyone who bought car insurance through Liban Net or Australian Private Insurance to “reinsure” their vehicles through an authorised insurer. (Better still, they could insure their vehicles again and leave the reinsurance to the experts.)

ASIC recently obtained orders in the Federal Court to restrain Liban Net, based in the Sydney suburb of Sydenham, from selling or offering to sell insurance products.

But it says Liban Net and its sole director, Gaby Haddad, of Yagoona in NSW, failed to comply with the Federal Court order and provide ASIC with a list of the names and addresses of who was issued policies under the Liban, API or Australian Private Insurance brands.

ASIC says Australian Private Insurance and API are not associated with API Insurance Services, a business owned by the Australian Post-Tel Institute Incorporated.