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.
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.