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Code of Ethics
The principals, officers and employees of AAMGA members have certain obligations to one another, to the insurance industry, and to the communities in which business is conducted.
Our goals and obligations fall into six broad categories.
- Relationships with our sub-producers
- Relationships with insurance companies
- Legal responsibilities
- Community obligations
As AAMGA members, we must meet all financial obligations (i.e. debts owed, premiums due companies, returns due to sub-producers and insureds, and other matters) on a timely basis.
As AAMGA members, we must compete fairly and honorably in the marketplace, making no false statements or misrepresentations about other AAMGA members or competitors.
As AAMGA members, we must serve our sub-producers to the utmost of our ability, and in so doing must:
- Research and remain current on the financial stability of companies with which we place business;
- Encourage continuing education and training for ourselves and our staffs; and
- Make no misrepresentation of what coverage is being provided.
As AAMGA members, we will faithfully execute the underwriting guidelines of the companies we represent.
As AAMGA members, we must act in the utmost good faith and gather all data necessary to make a proper underwriting decision before putting an insurance company at risk.
As AAMGA members, we are obligated to remain current on the laws and regulations affecting insurance companies, in those states in which we have authority, advising companies to the best of our ability on statutes and practices which affect them.
As AAMGA members, we are required to observe all insurance and other applicable state and federal laws and regulations.
As AAMGA members, we will take an active part in the recognized civic, charitable and philanthropic movements which contribute to the public good of our communities.
It is a privilege, not a right, to belong to the AAMGA. Our AAMGA membership is a "badge of honor."
We pledge to conduct ourselves in a manner befitting the privilege of membership in the American Association of Managing General Agents.
Enforcement of the Code of Ethics
If an AAMGA member is convicted of violating state or federal laws, he or she, or the respective violating corporate entity, can be expelled from the organization. All such matters will be referred to the AAMGA's Ethics Committee for full investigation and further action as warranted.
A pattern of violation of state and/or federal insurance laws will lead to investigation of the member in question by the Ethics Committee of the AAMGA.
Evidence of unfair trade practice or maligning other AAMGA members will be brought to the attention of the Ethics Committee for further investigation and action as warranted.
The Committee will be comprised of the President, Immediate Past President, Incoming President and the Executive Director of the AAMGA, with the Immediate Past President serving as Chair of the Committee.
Complaints pertaining to purported ethics violations must be sent, in writing, to the Committee Chair, who will notify the member(s) in question as to the nature of charges which have been received. The Chair will also forward a copy of the complaint to the other members of the Committee, which will then initiate an investigation and obtain evidence in respect of the charges made. All aspects of the investigation shall remain confidential.
The Committee will meet and confer either telephonically, electronically or in person as deemed necessary, to review the charges and status of the investigation. Prior to the Annual Meeting, the Committee will hold a meeting with the member(s) against whom the charge(s) have been asserted, in order to allow a due process rebuttal by the member(s). The member(s) who have brought the charge(s) must also be present at the meeting.
The Ethics Committee will review the evidence gathered, hear the respective positions of the parties and, after deliberation, provide a recommendation of action to the Board of Directors which will act thereon promptly.
Penalties may range from full expulsion from the AAMGA to a 1 to 2 year suspension or censure.