Managing General Agent

The definition of a Managing General Agent is an individual or entity that is appointed by an insurance company to act as its representative in a certain geographic region. The MGA is authorized to bind business on behalf of the company and is typically responsible for marketing, underwriting, and servicing the insurance company’s products in the region. It is common for the MGA to have a commission or fee arrangement with the company for services rendered.

The Managing General Agent serves as a link between the insurance company and the policyholder. The MGA is responsible for acting as a liaison between the company and the insured, ensuring that all policy requirements are met. The MGA may also be responsible for providing customer service, providing advice, and assisting in the claims process.

Overall, the Managing General Agent definition may refer to an individual or entity that is appointed by an insurance company to act as its representative in a certain geographic region. The MGA is responsible for marketing, underwriting, and servicing the insurance company’s products in the region and is typically compensated through a commission or fee arrangement. The MGA is a key link between the insurance company and the policyholder, ensuring that all policy requirements are met.