See Joint Underwriter Association
A joint underwriting association consists of insurers who band together to provide coverage for a specific type of risk or exposure. They are only used when it is difficult to obtain a certain type of insurance in the regular market. Companies in JUA's share in the profits and the losses of the association.
Joint Underwriting Association. These are insurance pools representing all insurers in a state. A few "servicing carriers" act on behalf of all the insurers, issuing policies, receiving fees, and handling claims. They are reimbursed for losses, and receive fees from the JUA to cover operating costs.
Joint Underwriting Association. A voluntary unincorporated association of admitted insurers authorized to do business in this state that has been authorized by its member insurers to act on behalf of those insurers in joint underwriting or in the issuance of syndicate policies of insurance on a several but not joint basis.
See Joint Underwriting Association.