The Louisiana Department of Insurance has issued a Cease and Desist Order, a Revocation, a Summary Suspension and a fine to a Lafayette Parish insurance producer, accusing him of collecting premiums but not paying his clients' bills.
Matthew Sias, a property and casualty producer and owner of MSJ INS LLC, is alleged to have misappropriated insurance premium on more than one occasion. According to investigators, Sias accepted premium payments from multiple clients but failed to remit their premiums, resulting in cancellations of their policies. Sias and MSJ have been previously issued regulatory actions for similar activity, state insurance officials allege.
Sias tells KATC that there were two clerical errors made, and his firm made good on both mistakes. In both cases, his firm cut checks to the clients affected to make them whole, he told us. In one case, he wrote a check to the customer, and in another case he wrote a refund check to the customer and paid additional funds into her escrow account to make it right.
"In both cases, we cut checks to the clients," Sias says. "Nothing is owed to the customers now."
“Louisiana policyholders depend on agents to assist them in securing one of the most important purchases many of us will ever make and a breach of that trust will not be tolerated in Louisiana,” said Insurance Commissioner Jim Donelon. “I urge any consumers who have information about Mr. Sias or MSJ to come forward.”
Sias and MSJ INS LLC have 30 days from the time of service to request an administrative appeal or the above actions will become final.
Individuals or businesses with information regarding this case or other insurance-related activities are encouraged to report these matters to the LDI Division of Fraud and Enforcement by calling (225) 342-4956 or 1-800-259-5300.
