MGAs are Leaving Consumers Unprotected

MGAs are Leaving Consumers Unprotected

Managing General Agents, otherwise known as MGAs, are unregulated wholesalers of insurance products. MGAs supply their agents with a variety of products from different insurance companies. Their agents sell directly to consumers. This makes MGAs the intermediaries between insurance companies and agents.

As insurance companies’ sales practices continue to evolve away from traditional in-house sales agents towards the more lucrative MGA sales model, regulatory oversights are increasing.

Where, in the past, an agent working for a specific insurance company would be regulated by the insurer’s compliance department, MGA agents are virtually uncontrolled, with no regulatory bodies specifically ensuring that MGAs comply with the law. If an agent deliberately or innocently misinforms a consumer; the consumer doesn’t know who to turn to for help. The consumer may not even have known that an MGA was involved when they first purchased the insurance.

If your insurance claim has been denied because an independent agent provided you with incorrect information or incorrectly filled out your application when you first purchased your insurance coverage, it is imperative that you speak with a knowledgeable lawyer with proven experience fighting these types of denials successfully.

Contact Share Lawyers and put our experience to work for you. We offer free consultations and there are no fees unless we win.

We have recently settled cases against Canada Life, Sun Life, Desjardins, Manulife and many more.

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