We have 3 categories of membership. These are;
1) Full MGA Membership – by full MGA member we mean:
- Your fiduciary duty is to your capacity provider
- You are regulated by the Financial Conduct Authority (not as an insurer) or an Authorised Representatives (AR) of a regulated company
- Underwrite insurance risks on behalf of a FCA regulated insurance company(s) or Lloyd’s managing agency under a binding authority agreement(s)
- Make your own underwriting decision(s) for the majority of your business based on the parameters laid down by the insurance company(s) or Lloyd’s managing agency
- Are linked directly to the insurance company(s) or Lloyd’s managing agency under a Binding Authority Agreement
- You are not a wholesaler of insurance products or a broker for the majority of your business
2) Market Practitioner – by market practitioner we mean
- You provide Capacity wholly or partly to MGAs and are regulated by the PRA & FCA (on our form we don’t mention the PRA who actually regulate Insurers a well as the FCA)
- You are a Lloyd’s broker able to obtain capacity for MGAs
3)Suppliers – by supplier member we mean:
- Your business is domiciled in the UK , or if outside the UK, you can demonstrate you are doing business in the UK, Channel Islands and Ireland and you provide services and products to the insurance sector .
- You have a track record of dealing with delegated authority
- You are able to offer market leading, bespoke products which further the MGAs business
All three bring valuable benefits to the MGA profession both within the UK and Globally and we are very keen to engage with all members for the benefit of the association.