Delegated authority has its own vocabulary, most of it inherited from the London market and used inconsistently across it. These are plain-English definitions of the terms that come up when an MGA, a broker, and a carrier try to agree on what happened to a premium.
Each entry explains what the term means, how it is used in practice, and how it connects to the rest of the chain. Start anywhere.
A detailed report sent from an MGA or coverholder to the carrier, listing policies bound, premium collected, or claims incurred under a delegated authority. Covers the three standard types — risk, premium and claims — what each contains, submission frequency, and why carriers require them.
Read the definitionThe arrangement where a carrier grants an MGA, coverholder, or broker the authority to underwrite and bind policies on its behalf. Covers binding authorities, lineslips, and how authority is reported and monitored.
Read the definitionA specialised intermediary holding delegated underwriting authority from one or more carriers. Covers how MGAs operate, what separates them from brokers, and where they sit in the distribution chain.
Read the definition