IBAI - Insurance Brokers Association

IBAI History

IBAI History

Insurance Brokers Association of India (IBAI) 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 with its own Memorandum of Association as well as Articles of Association, as required under the Companies Act, 1956. The management of the IBAI vests in its Board of Directors ( 17 in number) who are elected by the members. The day-to-day functioning is entrusted by the Board to those directors who are chosen as office-bearers & the Secretary-General who is appointed by the Board.

18739+

Brokers Trained

1000+

Under Training

29+

Webcasts

517+

Partners

The main objectives of IBAI is to encourage, promote interaction, facilitate and protect the interests of the members. To provide an avenue to the members for further education, training and research in all fields of insurance and reinsurance and represent the interests of Brokers with other Industry trade bodies.(Regional and National Level)

IBAI is a member of Council of Asia Pacific Brokers Association (CAPIBA), the Bombay Chamber of Commerce & Industry, Federation of Indian Chambers of Commerce & Industry (FICCI)

Insurance Brokers Association of India (IBAI) is the sole representative body of licenesed insurance brokers recognised by the Insurance Regulatory and Development Authority of India (IRDAI). As per the Insurance Brokers’ Regulations 2002 framed by the IRDAI and as amended from time to time (last amended in 2018) it is mandatory for all licensed Brokers to be member of IBAI. The member strength of IBAI is 523 as of May-2022.

There are three categories of brokers – DIRECT BROKERS who represent clients in India and have their risks placed with Indian insurers. REINSURANCE BROKERS represent Indian insurers and cater to their reinsurance requirements, both within India & abroad and COMPOSITE BROKERS who are licensed to carry on the functions as a Direct broker as well as a reinsurance broker.In order to get a Broker licence, one has to invest minimum capital as prescribed in the regulations ( this varies depending on the category of licence applied for) and have to comply with other requirements such as minimum infra-structure, qualified and trained Principal Officer and other personnel, Professional Indemnity insurance and payment of the prescribed fees. Apart from the Brokers’ Regulations, special attention needs to be paid to the Brokers ( Code of Conduct) & Additional Code of conduct. Members would do well to familiarize themselves with these regulations & the Codes of conduct.

About IBAI

Insurance Brokers Association of India (IBAI) 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.

Corporate Office

INSURANCE BROKERS ASSOCIATION OF INDIA ( IBAI)

Mahalaxmi Industrial Estate , Unit No 319, David S Barretto Rd, Gandhi Nagar, Lower Parel, Mumbai, Maharashtra 400013

Disclamer : Disputes do arises under the insurance policies either due to repudiation of claims or payment of claim amount not as per the claim bill filed. To resolve these issues, many options are available to the policyholders as under: Complaint may be filed with the Insurer – Integrated Grievance management System (IGMS) – File a Complaint with Ombudsman – File a legal case under Consumer protection Act 1986 1 . Complaint may be filed with the Insurer: Approach the Grievance Redressal Officer of its branch or any other office that you deal with. -Give your complaint in writing along with the necessary support documents – Take a written acknowledgement of your complaint with the date. The insurance company should deal with your complaint within 15 days. – If that does not happen or if you are unhappy with their solution you can: Approach the Grievance Redressal Cell of the Consumer Affairs Department of IRDA: Call Toll Free Number 155255 (or) 1800 4254 732 or Send an e-mail to [email protected] 2. Integrated Grievance management System (IGMS) – Make use of the Integrated Grievance Management System – Register and monitor your complaint at https://igms.irda.gov.in/ or compliant form may also be to IRDAI at Hyderabad – TAT for resolving the complaints is 3 days to 6 months in life insurance and 3 days to 30 days in General Insurance. 3. File a Complaint with Ombudsman Any individual (not any business entity) and claim amount not exceeding Rs 30 lakhs including interest may file a complaint in the prescribed form an Insurance Ombudsman in the respective State of the Policyholder. The decision of the Insurance Ombudsman is binding on the Insurer while the Policyholder has the option to file a complaint under Consumer Protection Act 1986. There is no fee to file a complaint application. The time limit of decision is 30 days from the date of filing the complaint. The legal Advisor is not permitted to present at the time of hearing. 4. File a legal case under Consumer protection Act 1986: Any Individual or Business Entity can file a complaint with the following consumer courts: District Forum if the premium amount ,in particular policy, is not more than Rs 100 lakhs – State Commission if the premium amount, in particular policy, is more than 100 lakhs but nor more than 1000 lakhs – National Commission, if the premium amount , in particular policy, is more than Rs 1000 lakhs. – Though there is no Stamp duty to file a complaint but nominal amount of Court fees is to be deposited while filing a complaint. The appeal can be filed with the State Commission for the decision of the District forum and National Commission for the decision of the State Commission. The appeal against the decision of the National Commission lies with the Hon’ble Supreme Court.