- To monitor and, where necessary, develop positions on insurance regulation or other matters or issues that may affect underwriting agencies,
To represent underwriting agencies in negotiations or discussions with legislative or government bodies whose subsequent rulings, regulations or controls may impact on underwriting agencies, and, when applicable, represent underwriting agencies on bodies or organisations that may have an interest in, or impact on, underwriting agencies,
To promote underwriting agencies as an economically efficient means of insurance distribution, and to promote the views, interests and arguments of underwriting agencies to all pertinent bodies, organisations, groups, interests, and to the media and the Australian and New Zealand public, and
- To set guidelines to assist members in ensuring the stability, security and reputation of their individual businesses and therefore UAC, while recognising that ultimate responsibility for those issues rests with individual members.
It is in the interests of all stakeholders, including insurers, brokers and insureds:
- To encourage members’ professional development through training and other educational programs,
- To liaise and work with other professional associations, and
- To encourage dialogue between members.
Through meeting the above objectives, UAC will affirm and sustain its membership’s position at the forefront of the Australian insurance industry.
UAC’s regulatory role
UAC and its members take seriously their role in the general insurance industry and are proud of the contribution they have made to the industry.
UAC develops cohesive strategies for continued growth and development of underwriting agencies, thereby ensuring they remain valuable contributors to the general insurance industry.
UAC’s professional services and underwriting facilities
UAC is a professional organisation representing Australian underwriting agency members.
Underwriting agencies provide insurance products and services to brokers and customers. Their function is similar to that of an insurer’s operating division. Within a class of insurance business, there are types of risks that require particular, specialist skills and expertise.
Underwriting agencies specialise in underwriting these risks.
Using the skills and experience of an underwriting agency allows an insurer to underwrite a product or service without the need for its own staff, offices or many other resources or facilities.
Insurers represented by UAC members have given underwriting authority for certain standard or speciality products or services to members, subject to agreed terms and practices.
Underwriting agencies are committed to generating consistent profits to the companies that entrust them with underwriting resources.
Underwriting agencies are established in many countries and, as in Australia and New Zealand, exist to provide diverse insurance products and services to brokers.
Underwriting agencies provide other services to brokers, such as full underwriting, marketing, policy maintenance and claims management.
Underwriting agencies represent Australian insurers, some foreign organisations and markets such as Lloyd’s of London. This wide range of facilities, which includes markets brokers may not be able to readily access, is made available to professional insurance brokers throughout Australia and New Zealand.