The American Association of Managing General Agents voted to expand membership to include all wholesale insurance professionals with underwriting or binding authority.
Prospective members must also meet other standards set by the association, such as minimums for years in business and annual written premium.
Membership—which had been open to managing general agents, national and international insurance companies, business services, and stamping offices—will now include MGUs, program administrators, aggregators and other wholesale insurance professionals.
The AAMGA announced in May that it would hold a vote among its members on amending the association's bylaws to expand membership. The proposal was the result of a two year-strategic review by the board highlighting opportunities for the association to better adapt to a changing insurance market.
AAMGA Executive Director Bernie Heinze said in May, “We are not looking to be bigger, we want to make the association better.”
Following the recent vote, which the AAMGA says passed by an overwhelming majority with more than 63 percent of eligible members voting, Heinze said, “These new bylaws were designed to ensure those market professionals working in the wholesale insurance space with binding or underwriting authority have a place to go where peer networking, education and advocacy resources are available. By broadening our membership, we're strengthening and advancing the importance of the entire wholesale insurance marketplace.”
In May, the AAMGA said it was also considering changing its name to the American Association of Wholesale Insurance Professionals. However, Heinze said the board reconsidered after holding conversations with association members. “Following those discussions, the board decided to maintain the respect the association's brand and name has achieved over the past 87 years and focused the bylaw amendments on membership criteria, enhanced the services and the many benefits membership in the AAMGA offers,” he explains.
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