He didn't say it was a 400A service. He said it was a 400A panel, and a 300A load.
Service conductors do not have to have the same rating as the service entrance equipment, under the NEC.
Also, 310.15(B)(7) gives him an extra 63 amps on that 350, if it's copper.
He said it was from the "service point" (his electrician said connection point) to the panel which indicates it is a service and by saying 400 A it would seem he is implying a 400 A service.
If it isn't a 400 A service the OP needs to tell us what it is, in any case the POCO conductors don't fall under the NEC.
Roger