WSIA Membership Criteria

U.S. Wholesale Member applicants must:

  1. Be a U.S.-based entity
  2. Experience operating in the wholesale insurance business under its current ownership and management for at least two years.
  3. At least 75% of annual premium volume must be distributed on a wholesale basis, that is derived from retail agents and brokers.
  4. At least 51% of annual premium volume must be derived from unaffiliated agents and brokers.
  5. At least 51% of annual premium volume must be placed with unaffiliated insurance markets.
  6. Be directly appointed by at least one market that is an existing U.S. Insurance Market Member or Associate Member.
  7. Obtain two references from current WSIA voting member firms.

Note: For purposes of this application, affiliation is defined as relationships with business partners with common ownership. Business partners are general not assumed to be affiliated because they have contractual relationships or binding authority from a business partner with no common ownership.

U.S. Insurance Market Member applicants must:

  1. Be a U.S.-based entity
  2. Experience operating in the wholesale insurance business under its current ownership and management for at least two years.
  3. At least 51% of annual premium volume must be derived from wholesale agents and brokers.
  4. At least 51% of annual premium volume must be derived from unaffiliated agents and brokers.
  5. Obtain two references from current WSIA voting member firms.

If a risk bearer, the following membership criteria will apply:

  • Have a secure rating from A.M. Best or equivalent rating from another recognized rating service.
  • $5 million minimum annual premium volume.
  • Capital and surplus at minimum of (1) $15 million or (2) requirements in insurer’s state of domicile.
  • Net premium to surplus ration not to exceed 3 to 1.

If a delegated authority, the following membership criteria will apply:

  • Must be directly appointed by one market that is an existing Insurance Market Member or Associate Member.
  • At least 51% of annual premium volume must be placed with unaffiliated insurance markets.

Note: For purposes of this application, affiliation is defined as relationships with business partners with common ownership. Business partners are general not assumed to be affiliated because they have contractual relationships or binding authority from a business partner with no common ownership.

Associate Member Applicants Must:

  1. Experience operating in the wholesale insurance business under its current ownership and management for at least two years.
  2. Represent a valid insurance provider to U.S. Wholesale Members or U.S. Insurance Market Members that is not eligible for another membership category.
  3. Demonstrate principle support of the U.S. wholesale insurance distribution system.
  4. Obtain two references from current WSIA voting member firms.

If applicant is a non-U.S. broker, agent, managing general agent or program administrator, the following membership criteria will apply:

  • At least 75% of annual premium volume must be derived from U.S. Wholesale Members.
  • At least 51% of annual premium volume from unaffiliated agents and brokers.
  • At least 51% of annual premium volume must be placed with unaffiliated insurance markets.
  • Must be directly appointed by one market that is an existing Insurance Market Member or Associate Member.

If applicant is a non-U.S. delegated authority, the following membership criteria will apply:

  • At least 51% of annual premium volume must be derived from U.S. Wholesale Members.
  • At least 51% of annual premium volume from unaffiliated agents and brokers.
  • At least 51% of annual premium volume must be placed with unaffiliated insurance markets.
  • Must have underwriting authority with at least one market that is an existing U.S. Insurance
  • Market Member or Associate Member.

If applicant is a non-U.S. risk bearer, the following membership criteria will apply:

  • At least 51% of annual premium volume must be derived from U.S. Wholesale Members.
  • At least 51% of annual premium volume from unaffiliated agents and brokers.
  • $5 Million minimum annual premium volume.
  • Capital and surplus at minimum of (1) $15 million or (2) listing on the NAIC Quarterly Listing of Alien Insurers.

Reinsurers who do not meet the risk-bearer criteria may be considered for the Service Member category if their interest in membership is to supply valid services (e.g., loss control and risk management) to the U.S. wholesale insurance distribution system.

Note: For purposes of this application, affiliation is defined as relationships with business partners with common ownership. Business partners are general not assumed to be affiliated because they have contractual relationships or binding authority from a business partner with no common ownership.

Service Member Applicants Must

  1. Experience operating under its current ownership and management for at least two years.
  2. Supplies valid services to voting members and is not eligible for another membership category.
  3. Demonstrate support of the U.S. wholesale insurance distribution system.
  4. Obtain two references from current WSIA voting member firms.