Many states have adopted the NAIC Managing General Agents Act, requiring companies to perform a review at least annually. The requirements are comprehensive, setting standards in areas including operations, management, underwriting and claims handling. Insurers delegating underwriting authority to Managing General Agents (MGAs) or Program Administrators (PAs), without having the infrastructure in place to monitor compliance by the MGA/PA, cannot effectively control this business.
Meeting the Challenges: the FTI Consulting Difference
FTI Consulting, Global Insurance Services includes a dedicated team of audit professionals with extensive experience working with large carriers. Our professionals are well versed in the intricacies of businesses written through MGAs and PAs.
In addition, our professionals can call on the expertise of team members that include actuaries, claims specialists, CPAs, forensic accountants, investigators, and former regulators with hands-on financial, operational, regulatory and litigation support experience in the full range of functions across all lines of business within insurers, reinsurers and third party administrators (TPAs).
Senior Managing Director, Co-Leader of Insurance Services
Senior Managing Director, Leader of EMEA Insurance Services