I totally agree!! I’ve been saying the same thing for years. By definition, a Surplus Lines Broker is still licensed as a Broker- and thus universally is an “Agent” of the Insured. A Wholesale Broker thus is also licensed as a Broker, yet is an intermediary between the Insured and their Broker… thus- a subagent. Being a Wholesale Broker is a Business Model and is rarely acknowledged by statute as such.
MGA’s are statutorily defined- and must work with admitted insurers.
I totally agree!! I’ve been saying the same thing for years. By definition, a Surplus Lines Broker is still licensed as a Broker- and thus universally is an “Agent” of the Insured. A Wholesale Broker thus is also licensed as a Broker, yet is an intermediary between the Insured and their Broker… thus- a subagent. Being a Wholesale Broker is a Business Model and is rarely acknowledged by statute as such.
MGA’s are statutorily defined- and must work with admitted insurers.