With the goal of providing more structure to the managing general agents (MGA) sector, the Canadian Association of Managing General Agents (CAMGA) has announced the adoption of a Code of Ethics.
According to the CAMGA, the code was developed over many months by a working group comprised of MGAs, regulatory practitioners, and ethics experts. It covers six areas that were considered “essential” in the operation of an MGA. All of CAMGA’s member MGAs are encouraged to abide by the code and support its goals and objectives.
“Professionalism, confidence and trust are crucial in this industry, and MGAs who follow this Code of Ethics are driven to achieve the highest standards of these goals,” said CAMGA managing director Steve Masnyk. “When you deal with a CAMGA member, you can be assured that you are dealing with the gold standard of MGAs in Canada. You know that these firms conduct business in accordance with the highest goals of professionalism in mind.”
CAMGA also said in a statement that the code is just one component in a series of building blocks that will create more structure within the MGA sector. The association is aware of the unique role MGAs play within the insurance industry, and it is committed to setting a benchmark of professionalism for the sector.
The code can be found on CAMGA’s website for anyone to refer to.
