Earlier this month, Big “I" Chairman-Elect Jon Jensen was installed as the chairman of the World Federation of Insurance Intermediaries (WFII) in Rome. Jensen is the first Big “I" member to be chairman of the organization.
The Big “I" is a long-time member of WFII, an association of national agent and broker associations. Members of WFII include the Big “I" and the CIAB from the U.S., along with associations from Canada, Australia, South Africa, the United Kingdom, Germany, France, Spain, Netherlands, Italy, Brazil, Argentina, Mexico and more.
The WFII educates and lobbies numerous international insurance regulatory bodies, such as the International Association of Insurance Supervisors, the OECD and the United Nations. Top issues include agent/broker remuneration, cybersecurity and cyber liability, natural disasters, market conduct and more.
Some countries have banned the payment of commissions to agents and brokers and only permit fee remuneration and, as a result, some international regulatory bodies are looking at that model as well. International organizations impact regulation of agents and brokers in the U.S., as many of these bodies include state insurance commissioners and NAIC representatives.
Jensen will serve as chairman of the World Council, WFII's board, until March 2020.
Above left: Big “I" Chairman-Elect Jon Jensen makes comments and presents a gift to the outgoing chair of the WFII.
Above center: meeting of the World Council board of the WFII