In an article published in the Insurance Executive about the CLIEDIS seminar 2016, the session on Pressures from Regulation and the need for more data was highlighted. 

Excerpt from the Article:

Access to data and information is also necessary in order for MGAs to keep up with their compliance responsibilities, speakers at the conference said.  In some cases, distribution firms are not receiving copies of insurance applications that their advisors are submitting to carriers.

That raises a compliance concern, said Heather Clarke, vice president of insurance services at Investors Group.  "We need a copy of the application because we have a requirement to supervise our business," Clarke said.

Earleen Moulton, vice president of compliance at BridgeForce Financial Group, agreed that it's important for carriers to keep MGAs in the loop on any business happening between their advisors and carriers.

"The expectation of the MGA is to know the advisor," she said. "If they're dealing directly with the carrier, how do we, as an MGA, get information to ensure that we know that we have that complete and up-to-date and relevant picture of that advisor, to be certain that we're comfortable that the advisor is qualified and suitable to be offering that service and advice to the consumer?"

Read the entire article: Getting more client data vital for insurance agents