Definition - What does Underwriters Association mean?
An underwriters association is an organization formed with the aim of upholding a set of professional standards and ethics while continually offering education to member underwriters of a specific field. In the context of insurance, an underwriters association is like a member club for underwriters, and its purpose is to oversee the professional welfare of the members.
Insuranceopedia explains Underwriters Association
An underwriters association is typically a non-profit entity whose membership is open to all underwriters in the named profession. It is recognized by law and approved by many states, which give an individual association the freedom to operate either regionally or nationally. An underwriters association typically offers its members numerous services, such as professional conferences, business development tools, online learning, career development, publications, and networking opportunities. In addition, due to the large number of members, it can rely on this bargaining power and engage in advocacy roles. This is common in the health sector wherein members advocate for the interests of health professionals and favorable health insurance policies.
At times, these organizations may be formed for a particular reason. For instance, insurance firms may come together to form a joint underwriting association to offer coverage for a certain type of risk that would otherwise be too risky for a single insurance entity.