Showing support for the MGAA

The Committee published its Proposal in October 2010 and held a meeting with some 70 or so prospective members in November. The response was very positive. Since then we have held two further meetings in January, one with insurers and one with service providers to the MGA community (including Lloyd's brokers). 

Those meetings were also very productive and so it is our intention to offer both insurers and service providers, Associate Member status. 

We are now aiming to launch the Association by the end of this quarter. Membership invitation requests will be despatched to MGAs, Insurance Carriers, Managing Agents, Lloyd's brokers and service providers during February.

The MGAA's objectives include the following:

• To be a central representative body to put the views of members to government departments and agencies including the FSA, Parliament, the European Commision and European Union Parliament and other relevant organisations.

• To set best practice guidelines to assist members in ensuring the stability, security and reputation of their individual businesses, while recognising that ultimate responsibility for those issues rests with individual carriers

• To work actively to improve the underwriting agency sector's professionalism, stability and competitiveness.

• To be a technical centre providing commentary, information and guidance on regulatory developments of relevance to underwriting agencies.

• To promote the UK underwriting agency sector through good public relations and appropriate communications to the trade and general media.

• To promote market opportunities and through its relationship with the CII and any other appropriate establishments to promote training and education as well as standards and product and service quality.

• To listen to the membership, and develop beneficial services for MGA's.

The full list of objectives is located on the MGAA's website: www.mgaa.co.uk

For those Coverholders, Managing Agents, Lloyd's Brokers and Service Providers, who haven't attended any of the aforementioned presentations and would like to know more about joining the MGAA either as a full member or as an associate member please email via enquiries@mgaa.co.uk

The increasingly important MGA sector is not defined by either the insurer or broker model but it shares important elements of both underwriting and intermediation.  As regulation increases, as it inevitably will, it is clear that the case must also be made to differentiate properly between brokers and underwriting agents in order to create a transparent view for customers as to the proper activies and merits of both.

The formation of the MGAA is an exciting development for a significant sector of the UK insurance community, and Lloyd's is delighted to be able to lend its support to this initiative.

Comments

No comments