Mr Nicpon was a director and shareholder of International Alliance Insurance Limited, which was placed into compulsory liquidation on 4 April 2006 by the Royal Court on application by the Commission. International Alliance Insurance Limited was not licensed under The Insurance Business (Bailiwick of Guernsey) Law, 2002 (“the Law”) to undertake insurance business in or from within Guernsey.
In 2005, International Alliance Insurance Limited applied to the Commission for a licence under the Law. However this was not granted by the Commission as it had discovered that Mr Nicpon had provided false and/or misleading information regarding his other business interests. This included his interest in a Jersey insurance company, Blue Swan Insurance (Jersey) Limited, which had been prevented from writing any new policies by the Jersey Financial Services Commission.
In April 2008, the Commission applied to the Royal Court for the disqualification of Mr Nicpon from acting as a director of any Guernsey company for the protection of the public and the reputation of the Bailiwick as a financial centre. The Commission produced evidence of Mr Nicpon allowing International Alliance Insurance Limited to undertake insurance business without a licence under the Law and of providing the Commission with false and misleading information.
The Commission’s application to the Royal Court had been adjourned pending the outcome of similar disqualification proceedings in the UK courts in relation to his involvement with Blue Swan Insurance (Jersey) Limited. In early 2011, Mr Nicpon was disqualified from acting as a director of any UK company for twelve years.
On 16 September 2011 the Royal Court ordered that Mr Nicpon be disqualified for fifteen years.