MGA or Not an MGA … That Is the Question
MGAs can provide an attractive option for insurers exploring a new or niche market, allowing those insurers to enter such market without making the typical expenditures required to do so.
June 03, 2022 at 11:00 AM
9 minute read
What is a managing general agent? This question is one we are often asked by our producer-clients—typically after we advise them to remove the term "managing general agent" from their agreements with insurers. While we can spend time diving into the uses, history and evolution of managing general agents (often referred to as MGAs), this article will instead focus on what, exactly, it means to be an MGA.
Managing General Agent
General factors. The determinative factors for whether an individual or entity is an MGA can be broken down as follows:
1. Any individual or entity who manages all or part of an insurer's business (including the limited management of a division, department or underwriting office of the insurer); and
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