New Zealand Underwriting Agencies Council Inc was officially established in February 2020 with a similar mandate to the Underwriting Agencies Council Australia. UAC Australia provided our momentum with their existing process that laid a solid foundation for our standalone New Zealand organisation.
NZUAC was brought forward by William Legge, general manager of UAC Australia. He contacted Crossley Gates from Keegan Alexander to provide legal services to the new organisation (NZUAC), and Stacey Davis from Grant Thornton to provide accounting services.
The preliminary meeting, called on 23 October 2019, proposed a New Zealand concentrated UAC. A foundation meeting, facilitated by William Legge in February 2020, set out to name the NZ organisation (confirmed as; New Zealand Underwriting Agencies Council Inc), agree on a symbolic logo, draft a constitution based on UAC Australia’s framework that adhered to New Zealand law, and compile $1,500 deposits from the working group members to funnel into a founding fund for incidental start-up costs.
Once the organisation has an established group of underwriting agencies, structural changes will take place. These include having the organisation ratified, appointing officers, and appointing an Executive Director/Managing Director. From here financial decisions will be agreed along with a comprehensive list of services that will be offered to members.