MGAA Capacity Exchange September 2012
New members joining the Managing General Agents' Association (MGAA) since the beginning of 2013 have increased the total combined gross written premium represented by the Association’s membership to over £2.5bn.
Many MGAs could be paying higher regulatory fees than they need to, due to overstatement of ‘Annual Eligible Income’ in Section J of their Retail Mediation Activities Return (RMAR). Whilst nothing can be done to obtain refunds on past overpayments, firms have an opportunity to reduce their future regulatory fees by carefully considering the data reported in their year-end RMARs.
The Financial Conduct Authority (FCA) took over the regulation of general insurance intermediaries from 1 April 2013. Firms have up to 12 months from this date to make the changes shown on this Checklist.
The recent article suggesting that history has a habit of repeating itself in the insurance market and a renewed backlash against MGAs could be on the horizon is wide of the mark according to the Managing General Agents’ Association.
31st January 2013 - Arc Legal Assistance (Arc Legal), a leading provider of legal expenses insurance and related services, has become a member of the Managing General Agents' Association (MGAA).
17th December 2012 - UK General Insurance Ltd, the Leeds-based specialist insurer, has become a member of the Managing General Agents' Association (MGAA).