It seems the answer it deactivates, removes the hotmail account from insider program and tells you unless you update it will reboot every 3 hours O_0.
Yep this is the state of my win10 testing rig right now which hasn't been turned on for a couple of months, despite it saying I am kicked of the insider program it is currently in the process of installing a new insider build, hopefully it will succeed. No idea yet if it will reactivate, but this is the second time now I have lost activation on windows 10.