Insurance Brokers Association of India (I.B.A.I.) was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001. IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, 1956. IBAI is run by a Board of Directors who are elected by the members.
The main objects of IBAI are to promote interaction among the Insurance/Re-insurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI and to provide an avenue to the members for further education, training and research in all fields of insurance and re-insurance and represent the interests of Brokers with other organizations. IBAI is a member of BOMBAY CHAMBER OF COMMERCE AND INDUSTRY, MUMBAI as well as of FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY.
Insurance Brokers Association of India (I.B.A.I.) is the only Insurance Regulatory and Development Authority (I.R.D.A.)-recognized apex body of licensed Insurance Brokers. As per Insurance Brokers’ Regulations 2002 framed by the I.R.D.A., all licensed Brokers are required to be member of I.B.A.I. As on date, Direct Insurance Brokers, Composite Insurance Brokers and Re-insurance Brokers (totaling to 269 licensed insurance brokers) are members of I. B. A. I.
Only those insurance brokers who are licensed by the I.R.D.A. are considered for admission into the membership of I.B.A.I.
Direct brokers are those who buy insurance from the Direct Insurers in India for their clients. Re-insurance Brokers are those who represent the Insurers/Re-insurers for re-insurance placements. Composite Brokers are those who carry on both Direct Broking as well as Reinsurance Broking. The brokers have to invest minimum capital as prescribed by the Regulator and have to comply with other Requirements like minimum infra-structure, qualified and trained Principal Officer and other personnel, Professional Indemnity cover, payment of annual licence fee, etc. for obtaining IRDA Licence. By and large IRDA Regulations prescribe strict codes of conduct to infuse professionalism amongst the Brokers, who will truly represent and service the interests of insurance buyers.