An agent standing between an insurer and other agents. The MGA sells to retail agents, who then sell to the consumer. MGAs often are said to have the "pen" because they are given the authority to accept, underwrite, and price submissions received from retail agents.
An agent who produces and underwrites business for an insurer and either adjusts or pays claims or negotiates reinsurance on behalf of the insurer.
An individual or organization given the authority to act as an insurer or reinsurer in performing certain functions for that specific insurer or reinsurer, e.g., underwriting, inspection or adjusting. Functions may include the appointment of sales agents or intermediaries. Most MGA's also operated as wholesale excess and surplus lines brokers.
An independent contractor who is authorized to appoint PPGAs on a company's behalf and who may represent more than one company.
Refers to a company that is licensed to have its employees sell insurance products. The regulatory and licensing requirements generally differ between provinces (for Canada) and states (for the United States). The acronym MGA is increasingly being used to describe a "company of agents" in general and not necessarily (strictly) associated with selling insurance (e.g. wealth advisors that may be licensed to sell mutual funds or term deposits). · See Also · Agent · Broker
an agent or agency that performs some or all of the functions that a regional office would for an insurance company; the MGA has more AUTHORITY to act on behalf of the company than an ordinary agent would, and retail agents place business with the company through the MGA. (See F.S. 626.015(16)(a) and 626.7451 - 626.7454)
A managing general agent (MGA) is a person or firm authorized by an insurer to transact insurance business who may have authority to bind the insurer, issue policies, appoint producers, adjust claims and provide administrative support for the types of insurance coverage pursuant to an agency agreement.
