What is a MGA or Managing General Agent in insurance?

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Paul Martin, Academic Director for the National Alliance for Insurance Education & Research explains the definition and role of an MGA or Managing General Agent
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Thank you so much! AD banker is down and i needed an explanation!

WideEyedGirll
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Thanks for this- quick question: how is the MGA held to account? My understanding is that they also do underwriting, so what happens if they write bad policies and the insurer they work with loses money? do they have to cover these losses?

fritzki