Licensed Insurance Managers & Intermediaries
Managing General Agents
Managing General Agents (MGA) are licensed as Insurance Managers, since their activities correspond with the definition in Section 1(3) of the Law. This defines an insurance manager as “a person who exercises, in relation to any insurer of which he is not an employee, managerial functions (including administration and underwriting) or such other functions as may be prescribed by the Commission by regulation.” Any person wishing to operate as an MGA in or from within the Bailiwick of Guernsey must be licensed under section 4 of the Law.
MGAs will generally act for insurers based outside Guernsey but it is the carrying on of the activity in Guernsey which requires a licence.
The Insurance Manager framework is well established in Guernsey and provides an appropriate regulatory framework for MGAs, which is distinct from the approach to intermediary regulation and recognises the specific role of an MGA.
For the avoidance of doubt, insurers that appoint an MGA in Guernsey are not required to be licensed in Guernsey unless they are otherwise carrying on business in the Bailiwick.