Wholesale & Specialty Insurance

“The organization is comprised of members, not stockholders. Voting membership is comprised of the following: (a) u.s. Wholesale members - a u.s. Wholesale member is a sole proprietorship, partnership, or corporation licensed in at least one jurisdiction within the united states as a broker, agent, managing general agent, program administrator, or entity with delegated underwriting authority that is engaged in the insurance business principally as a wholesaler. (b) u.s. Insurance market members - a u.s. Insurance market member is a risk-bearing entity incorporated or organized in any jurisdiction within the united states and engaged in the underwriting of insurance or having delegated underwriting authority and selling principally through wholesalers. (c) associate members - an associate member is an individual, firm, or organization that does not qualify for membership as defined in (a) or (b) above but who represents a valid insurance provider to u.s. Wholesale members or u.s. Insurance market members and is principally committed to supporting the u.s. Wholesale insurance distribution system. This category shall include, but is not limited to, non-u.s. Brokers, agents, managing general agents or program administrators, non-u.s. Risk bearers, syndicates or managing agencies, reinsurers, reinsurance intermediaries, or other similar wholesalers or insurance market entities.”

“The organization's voting members are responsible for electing the members of the wsia board of directors and officers at the annual business meeting.”

“The board of directors reviews form 990 and required schedules for completeness and accuracy before submitting to the irs.”

“Wsia and its board of directors have established a "conflict of interest" policy that requires each director and officer of wsia to act such that he or she does not derive any personal profit or gain, directly or indirectly, by reason of his or her participation in the leadership of wsia, and to always act in the best interest of wsia and its members. The policy also requires that each director and officer of wsia disclose all actual and potential conflicts of interest as they occur. On an annual basis, each director shall be required to complete and sign a conflict of interest disclosure statement. In addition, any wsia director or officer, upon recognizing he or she has a conflict or potential conflict of interest, shall promptly disclose the conflict or potential conflict to the board. Each wsia director or officer has a continuing responsibility to scrutinize his or her outside business, industry and personal interests and activities for potential conflicts and to promptly disclose them. This disclosure policy is to be construed broadly, rather than narrowly, and any doubts as to the application of this policy should be resolved in favor of disclosure. All completed disclosure forms shall be provided to and reviewed by the wsia board. The disclosure forms and any other material related to a director's or officer's conflict of interest disclosures shall be maintained at wsia's headquarters office.”

“The ceo & president has a written employment agreement specifying compensation. An independent compensation consultant, form 990 of other organizations, and a compensation survey is used to determine reasonable compensation. The compensation committee reviews and approves the agreement on an annual basis. The latest compensation study was conducted by an independent consulting firm in 2024; however, the benchmarking data within that survey is updated by the compensation committee annually.”

“The organization makes its governing documents and audited financial statements available to the general public upon request. In addition, the bylaws, code of ethics, and annual report are available on the organization's website.”

“The organization has an audit & compliance committee that assumes oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from prior years.”