The Louisiana Department of Insurance (LDI) issued a Cease and Desist Order, a Revocation, a Summary Suspension and a fine to a Lafayette Parish insurance producer for alleged misappropriation of premium funds.
Matthew Sias, a property and casualty producer and owner of MSJ INS LLC (MSJ), 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.
“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.