A Lafayette Parish, Louisiana, insurance producer has been issued a cease and desist order, a license revocation, summary suspension and a fine for allegedly misappropriating premium funds, according to the Louisiana Department of Insurance (LDI).
Matthew Sias, a property/casualty producer and owner of MSJ INS LLC (MSJ), is alleged to have misappropriated insurance premium on more than one occasion, the LDI said. He has been fined $1,500.
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. , some of the premiums were paid after the customers found they had no insurance in effect.
Sias and MSJ INS LLC have 30 days to request an administrative appeal or the above actions will become final.
Source: Louisiana Department of Insurance
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