It is now adding a row directly beneath and filling it with what looks like
a paste (but not as values) leaving formulas and pasting as values
over the
original record number.
<<<
I'm not sure I follow this: but I notice your code has the paste
special instruction OUTSIDE the "if you find the right value then
insert a line" structure. Try this instead:

For i = iLastRow To 1 Step 1
If Cells(i, 1).Value = INSERTPT Then
Rows(i + 1).EntireRow.Insert
Selection.PasteSpecial Paste:=xlValues, Operation:=xlNone,
SkipBlanks:= _
False, Transpose:=False
End If
Next i