Managing General Agents

A Managing General Agent (MGA) is an insurance intermediary that manages on behalf of an insurer, all or part of the business of an insurer, and carries out specific activities, including:

1. soliciting, negotiating or procuring the making of an insurance contract, accepting applications, quoting and binding insurance from licensed retail brokers acting on behalf of the consumer;
2. entering into one or more:
3. delegated authority agreements or
4. offer and acceptance agreements with an insurer;
5. effecting and countersigning contracts of insurance;
6. collecting and accepting premiums from retail brokers on behalf of the consumer;
7. underwriting insurance contracts;
8. entering into written agreements with licensed retail brokers;
9. undertaking any other prescribed duties or activities.

An MGA does not accept any capital risks and is not subject to minimum capital requirements under the Insurance Act.

Based on the Financial Services Regulatory Authority of Ontario (FSRA)’s estimates in their December 2024 report, there are 139 MGAs operating in Ontario. Over 50% of those MGAs are RIBO-licensed.

Verify the licensing status of any MGA or Wholesaler using RIBO’s brokerage search available on our website.

If you are a Property and Casualty MGA, consider obtaining your RIBO licence, holding yourself to the highest professional standards and complying with ongoing regulatory requirements.