Members vote to amend bylaws, broadening representation of the wholesale insurance market
AUG. 27, 2013 – King of Prussia, Pa. – The American Association of Managing General Agents (AAMGA) announced today its members have voted to amend the association’s bylaws and expand membership to include all wholesale insurance professionals who have underwriting or binding authority and meet other minimum standards of the association.
Balloting occurred between July 26 and Aug. 26 with more than 63 percent of eligible members voting. The proposed bylaw amendments passed with an overwhelming majority.
“This is a significant moment in AAMGA’s continued evolution and development in line with our 87 year history,” explained Frank Mastowski, CPCU, CIW, president of AAMGA’s Board of Directors. “Our members recognize the wholesale insurance landscape continues to change. The revised strategic focus of the association will broaden members networking access to markets and other industry practitioners. It will support technical underwriting and other professional educational development through the AAMGA University, and further the strength of our advocacy with regulators and legislators domestically and internationally.”
According to the AAMGA Executive Director Bernie Heinze, the board of directors will now take additional steps to implement the new by-law changes. The board will also expand curriculums for AAMGA University, the group’s professional education and training arm.
“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,” said Heinze. “By broadening our membership, we’re strengthening and advancing the importance of the entire wholesale insurance marketplace.”
The AAMGA board of directors proposed the by-law changes to members in May 2013 after a two-year strategic review. Without the Association changing its core values, membership will now be open not only to MGAs, but also to MGUs, program administrators, aggregators and other wholesale insurance professionals who meet stringent membership standards. Among the standards are minimums for years in business, annual written premium, and underwriting or binding authority.
The American Association of Managing General Agents (AAMGA) is the wholesale insurance community’s international trade association. Founded in 1926, the AAMGA today represents over 500 corporate members and is respected as a leader in and voice of the wholesale and excess and surplus lines insurance industry. Membership in the AAMGA is highly selective and therefore the wholesalers admitted to the ranks are those who annually subscribe to a Code of Ethics and demonstrate the highest standards of excellence, experience, integrity and insurance company representation. Headquartered in suburban Philadelphia, the nonprofit Association and its University Foundation provide substantive benefits and service to its members throughout the year. Learn more at www.aamga.org