Underwriters Association
What Does Underwriters Association Mean?
An underwriters’ association is an organization established to uphold professional standards and ethics while providing ongoing education to member underwriters in a specific field. In the context of insurance, an underwriters’ association functions like a membership club for underwriters, with the primary purpose of overseeing the professional welfare of its members.
Insuranceopedia Explains Underwriters Association
An underwriters’ association is typically a non-profit organization open to all underwriters within a specific profession. Recognized by law and approved by many states, it is granted the freedom to operate on a regional or national level. Such associations offer a range of services to their members, including professional conferences, business development tools, online learning, career development, publications, and networking opportunities. Additionally, due to their large membership base, these associations can leverage their collective bargaining power to engage in advocacy, a common practice in sectors like health, where members advocate for the interests of health professionals and the development of favorable health insurance policies.
In some cases, these organizations are formed for specific purposes. For example, insurance companies may collaborate to create a joint underwriting association to provide coverage for a particular type of risk that would be too high for any single insurer to manage independently.
