Page 224 - The UnCaptive Agent

GLOSSARY 197

MGA: Managing General Agent (or Agency). MGAs
represent insurance companies who typically operate in
the excess and surplus insurance marketplace. They
typically have more authority and responsibility than
wholesalers or brokers. They typically have insurance
binding authority and often perform other insurance
company functions like underwriting, pricing, settling
claims, and appointing retail agents.
MGU: Managing General Underwriter. MGUs per-
form essentially the same roles as MGAs except for life
and health companies.
NAIC: National Association of Insurance
Commissioners. The insurance industry regulatory
association.
OAA: One Agents Alliance. OAA is the number-one
strategic master agency for SIAA. OAA operates as an
agency development organization in the Midwestern
United States and California.
PEO: Professional Employer Organization. A com-
pany that can assist you with payroll, HR, employee
benefits, and other services. They can fractionalize
services for you and allow your employees to enjoy
benefits as if they work for a smaller company, while at
the same time saving your business money.
PIA: Professional Insurance Agents. An independent
insurance agency association primarily for smaller agen-
cies. Provides education, training, and other services.
PTO: Personal Time Off. A system used by many
businesses today where employees are granted a fixed
number of days of each year, which can be used for any
purpose including illness, vacation, or personal needs.
SIAA: Strategic Insurance Agency Alliance. The
leading agency development organization in the U.S.
with approximately thirteen percent of all indepen-
dent agents as members, and which has assisted in the