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Any Managing General Agent (hereinafter referred to as an “MGA”), is eligible to become an MGA member of this Association by meeting ALL of the following requirements:
- The applicant shall have been primarily engaged as an MGA for at least one (1) year preceding application.
- As of the date of approval to membership, the applicant MGA must have and represent, pursuant to written binding authority agreement, two (2) or more independently (not owned by the same group) operated insurers for at one (1) year; provided, however, that:
(1) no such insurer owns more than ten (10) percent such interest in the MGA; and
(2) the MGA owns no more than ten (10) percent interest in any such insurer
- Represent those companies described in subparagraph (b) above for at least two (2) of the major lines of insurance underwritten by those companies. The major lines underwritten by those companies must consist primarily of property, casualty, marine, professional, and /or automobile insurance.
- Have underwriting authority from those companies to bind, issue, cancel, endorse, rewrite, and renew policies, in accordance with their contractual authority.
- Operate in the capacity of supervising, underwriting, processing, and accounting for the production of at least a premium volume of one (1), for the twelve (12) months preceding the date of the application with at least seventy-five percent (75%) of its total premium volume derived from retail sub-producers not owned by the MGA.
- Subscribe and agree to implement the goals and objectives of the Association as set forth in these Bylaws, as adopted by any strategic planning processes and other operational guidelines and/or Code of Ethics adopted by the Board of Directors or the membership as a whole. Such provisions may be amended from time to time.
- Application for MGA membership.
- Application for MGA membership by an individual, sole proprietorship, partnership, corporation or limited liability company shall be made in writing on a form furnished by the Association. In order to complete the membership application process, the applicant must substantiate in writing having met all the qualifications and minimum requirements set forth in this Article.
- The qualifications include the submission of at least three (3) favorable letters from sponsoring MGA members of this Association in good standing in the geographical area in which the MGA operates. The letters must be from a branch manager, corporate officer or owner of the MGA member.
- To be approved for MGA membership, the applicant must receive the favorable vote of a majority of the Board of Directors of the Association.
- Once approved, the MGA Member must pay the appropriate dues owing to complete the membership process.
- MGA Member Dues: $1,100