The MGA Model
We welcome all members & guests to attend a lunch time webinar, via Zoom, which will be presented by Mr Peter J Staddon from the Managing General Agents’ Association and Norman Hughes, from Compliance Management Services Limited
Peter will explore and explain the Managing General Agents’ model. He will explain exactly what an MGA is, how they fit in to the UK insurance market and how they are structured and operate. Norman will outline how MGAs are regulated in the UK and some of their specific regulatory obligations.
Peter will then provide a glimpse of future plans, alongside an overview of associated underwriting and claims services.
At the end of this event, the delegate will be able to identify:
- what the model looks like and their fiduciary duty;
- what an MGA is, and what it is not;
- what MGAs bring to the UK insurance market;
- where MGAs fit within the UK insurance market;
- what MGAs offer insurers, brokers and their clients;
- how the MGA model is managed, including their independent status and the importance of data management, audit, quality control & consistency;
- how MGAs deal with culture, conduct and compliance;
- MGAs’ contractual agreements with insurers and details around their IT and accountancy structure and why it is different from that of a broker;
- future plans and how an MGA’s book of business is managed.
About the speakers:
Peter J Staddon, Managing Director, MGAA
Peter Staddon is a Chartered Insurance Underwriting Agent and has spent 25 years as an insurance broker. He joined BIBA in 1996 where he was Head of Technical Services and had executive responsibility for the formation of their technical committees and membership schemes.
Peter led the delegation to the Export Credits Guarantee Department which produced the first ever insurance broker contract of insurance, prior to joining as a consultant working for RWA compliance services in 2012.
He joined the MGAA as Managing Director in November 2013. Peter is a past author of the CII insurance book 930 – Insurance Broking and co-author of the Institute of Exports study book and examination CITIB (Certificate of International Trade for Insurance Brokers) and a contributor to P66 Delegated Authority.
Peter is also involved in building a new Assess offering in conjunction with the CII which is specifically designed for insurance professionals handing delegated authority business.
Norman Hughes, Director, Compliance Management Services
Norman's insurance career began straight from university in 1981, when he took on a graduate trainee role at Cornhill Insurance. After seven years' commercial underwriting experience in the company market, he joined a regional broker where he spent the next nine years successfully developing the firm's general insurance business. When the brokerage was acquired by City-based Stuart Alexander Ltd in 1997, Norman took on a variety of project-based roles, including the integration of other insurance businesses which Stuart Alexander subsequently acquired, setting up delegated underwriting authority facilities for specialist products and the implementation of insurance compliance under what was, at the time, the General Insurance Standard Council (GISC) regime.
Ahead of the statutory regulation of the insurance intermediary sector in 2005, Norman saw an opportunity to establish his own consultancy business, to offer the skills and knowledge he had acquired to a wider range of firms. This led to the creation of Compliance Management Services Ltd (CMS) in 2003. Over the following years, he and the team he built up around him have assisted many brokers and MGAs with the implementation of FSA, then FCA, regulation, with an emphasis on making compliance part of running a successful business.
Norman's work with the MGAA began in 2013, since which time he has become a familiar face to many members. As well as attending and speaking at events aimed at an MGA audience, Norman and his colleagues work directly with several members of the MGAA and are authors of the Association's bi-monthly Compliance Newsletter and Regulatory Calendar.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.