Has Insurance Broker Vanished?

Last week the STAR featured a story about the Insurance Brokerage Company S&A, whose license was revoked by local authorities. A notice put out by the Financial Services Regulatory Authority stated that it had cancelled the registration of S&A Insurance Brokers Ltd. effective September 2, 2014. It went on to advise that the company could no longer carry on business as an insurance broker.

Ahead of that notice the STAR had received complaints from several clients of S&A alleging that they were cheated out of hundreds, in some cases thousands, of dollars. Many of the complaints the STAR received included the non-remittance of insurance premiums paid to S&A to the respective insurance agencies. In some cases clients discovered that they were also being overcharged by the brokerage company who claimed to be getting them “the best deal.”

Efforts to reach S&A for comment last week were futile. Calls to the company’s number went unanswered while the offices on Mary-Ann street in Castries, remain closed.

A number of irate customers are seeking legal redress but the STAR was unable to determine whether any investigation has been launched by the police. “This would mean that the aggrieved persons would have to file a report, following which the police would carry out an investigation, to determine whether there is reason for an arrest and a charge to be laid againts the owners of that business,” one local lawyer told the STAR. He was also of the view that some of the persons who felt they were defrauded did not think the sums were substantial enough to pursue the matter in court.

We also sought further explanation from the director of the Financial Services Regulatory Authority, Calixte Leonce. Efforts to have him return our calls were futile.

At least two individuals the STAR spoke with are pursuing the matter. However they fear that the principal owner(s) of S&A may have already skipped town.

The main director has reportedly deactivitated his Facebook account and his personal phone appears to be no longer in service.

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