A current survey of insurance coverage brokers has proven backing for the institution of a devoted regulatory framework for MGAs, with 68% agreeing that the Monetary Conduct Authority ought to regulate MGAs individually from insurers and brokers.
The ballot, carried out by managing common agent Corin Underwriting throughout 147 brokers, additionally discovered 67% of brokers indicating they might be extra inclined to work with MGAs if such a framework had been launched.
Mike Keating, CEO of the Managing Normal Brokers’ Affiliation, stated: “These survey outcomes help the continued dialogue the Affiliation enjoys with the FCA across the matter of a devoted regulatory framework that displays the distinct position MGAs play within the insurance coverage ecosystem.
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