Any insurance wholesaler (defined as an entity having been delegated underwriting, rating or binding authority by, from or on behalf of a risk bearing entity and includes, but is not limited to: a managing general agency, managing general underwriter, program administrator, program manager, producer, aggregator or others transacting business on a wholesale basis), is eligible to become a wholesale insurance member of this Association by meeting ALL of the following requirements:
- The applicant shall have been primarily engaged as a insurance wholesaler for at least one (1) year preceding application.
- Exception: If the owners/principals have been in the wholesale business under another name previously (that was an AAMGA member) or employed previously (for at least 2 years) by another AAMGA member in good standing, the Board can waive the time in business requirement;
- As of the date of membership, the applicant must represent at least one (1) insurance market for at least one (1) year pursuant to underwriting authority to bind, issue, cancel, endorse, rewrite, and renew policies, in accordance with their contractual authority, for at least one (1) line of business. The insurance market shall not have more than ten percent (10%) ownership of or in the insurance wholesaler;
- As of the date of membership, the applicant must not have more than 25% of its total annual premium volume placed with an insurance carrier (risk bearing entity) that is owned by the insurance wholesaler;
- As of the date of membership, the applicant must operate in the capacity of supervising, underwriting, processing, and accounting for the production of premium volume of at least $1,000,000 (one million dollars), for the twelve (12) months preceding the date of the application, of which 75% (seventy-five percent) of the total annual written premium must come from sub-producers not owned by the insurance wholesaler, or that owns the wholesaler;
- The applicant shall complete a membership application; have the insurer(s) verify the nature and extent of underwriting authority; submit three (3) favorable letters from current Wholesale Insurance Members (the letters must be from a branch manager, corporate officer or owner of the Wholesale Insurance member); receive the majority vote from the Board, and pay the annual dues. 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; and
- The applicant must agree to implement the goals/objectives of the Association, and comply with the Code of Ethics.
Wholesale Insurance Member Dues are based on number of full time employees (FTE's) utilized by your organization:
1 to 25 FTE's: $1,325.00
26 to 50 FTE's: $2,000.00
51-125 FTE's: $3,500.00
More than 125 FTE's: $5,500.00