The Underwriting Agencies Council (UAC) is widening its membership criteria to cater for the wide range of organisations that now want to join.

Under the new regime members must hold an Australian financial services licence and be licensed to deal in insurance products, or prove they operate at arm’s length from any parent group under whose licence they work.

New Zealand operators can now gain membership with full voting rights if they meet equivalent criteria, but they cannot exceed 15% of total membership.

Affiliate membership is open to international groups that share UAC’s goals and serve underwriting agencies or Lloyd’s coverholders in their own country. They have no voting rights.

Non-voting business service membership is open to those that serve UAC or underwriting agents. This includes accountants, actuaries, financial and educational institutions, IT suppliers, lawyers, loss adjusters, third-party claims administrators and insurance broking advisers.