What is a Master General Agent?

A Master General Agent (MGA) is a specialized insurance intermediary who has been granted authority by an insurance company to recruit, train, and manage sub-agents or brokers, as well as to market and distribute insurance products. MGAs often have the ability to underwrite policies, set prices, and handle claims within certain parameters set by the insurer. This role is crucial in expanding an insurer's reach and ensuring effective management of sales channels. MGAs typically receive commissions based on the business generated by their network of agents and are responsible for ensuring compliance with regulatory standards.