According to Dr. Preissel and Dr. Holquin B. insignis is a good species. 
To Tommie E. Lockwood B. insignis was a natural occurring hybrid and re-named accordingly to B. x insignis. Lockwood based his assumption on a series of breeding experiments, but there was often only carried out to the second generation and then  due to lack of terminated greenhouse space. B. x insignis was based on such breeding experiments and according to Lockwood B. x insignis was natural crosses where hybrids between B. versicolor x B. suaveolens was crossed back to B. suaveolens.

However, Preissel or Holquin never succeeded creating a seedling, that fit to the description of B. x insignis by crossing seedlings (B. versicolor x B. suaveolens) back on B. suaveolens. The other way around ... you should expect all kinds of variation from a cross with B. x insignis x B. x insignis, where a percentage of the seedlings would look a bit after B. suaveolens or a bit after B. versicolor, but they didn't all fit the description of B. x insignis. Since that B. x insignis hybrids can not be produced by crossing (B. versicolor x B. suaveolens) x B. suaveolens and since that B. x insignis x B. x insignis apparently breed true B. x insignis seedlings, Preissel and Holquin regards B. x insignis as a good species and changed its species name accordingly to B. insignis.
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Tonny Surrow-Hansen, Denmark, 2004