Elizabeth Demaret, managing director at Itasca, Ill.-based insurance broker Arthur J. Gallagher, has been named chairwoman of the World Federation of Insurance Intermediaries (WFII), an international agent and broker association.
“I'm excited because I think this is a great opportunity to have a voice in what is going on in the insurance market, especially with what is happening in the world today,” Ms. Demaret told National Underwriter.
“Every different supervisory authority reacts to different issues throughout the world differently. We want to make sure the insurance intermediary's voice is heard, but also that we are representing issues that are important to our clients,” said Ms. Demaret.
She said while everyone does not agree on every issue, the association has “robust discussions” on insurance topics and makes sure that important information on a topic gets raised with other regulatory groups in different countries.
One of the most pressing debates is international insurance placements coming out of a ruling by a European Union court affecting nonadmitted insurance products, she explained. The Kvaerner ruling found that a British company, which purchased a policy covering the company's British and Holland business, had to pay premium tax on the Holland coverage.
The broader issue the WFII is discussing now is how international policies apply in indigenous marketplaces, especially where such products may not exist, and how brokers and the industry as a whole must deal with it, said Ms. Demaret.
The challenge, she said, will be getting such associations as the Risk and Insurance Management Society and others together to find some common ground on this issue.
Ms. Demaret is one of six WFII World Council members from North America and a member of Washington, D.C.-based The Council of Insurance Agents & Brokers, which announced her appointment.
CIAB President Ken A. Crerar said the council is pleased Ms. Demaret will head up the world organization during a challenging time for the industry.
“This is a critical time for our industry worldwide and it's important that intermediaries have a collective voice on market and regulatory issues impacting them and their clients,” he said in a statement. “Elizabeth brings the experience and expertise to guide WFII.”
Ms. Demaret follows David Harari, director of IFEBO in France, in the chairmanship. Ms. Demaret will serve a one-year term as chairwoman and then another year as outgoing chairwoman.
The WFII is an international organization composed of 100 agent and broker associations representing insurance intermediaries in more than 80 countries around the world. Formed in 1999, WFII represents more than 400,000 professional intermediaries who handle the vast majority of insurance placements globally.
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