Latest Update

  • Scrutinizer Report on Election of Directors at the AGM held on September 24,2020

      
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    Scrutinizer Report -AGM 2020-01
    Scrutinizer Report -AGM 2020-02
    Scrutinizer Report -AGM 2020-03
     Scrutinizer Report -AGM 2020-04
     Scrutinizer Report -AGM 2020-05
     Scrutinizer Report -AGM 2020-06
    Scrutinizer Report -AGM 2020-07
     Scrutinizer Report -AGM 2020-08
     Scrutinizer Report -AGM 2020-09
     Scrutinizer Report -AGM 2020-10
     Scrutinizer Report -AGM 2020-10
     Scrutinizer Report -AGM 2020-11
  • Results Of IBAI Election of Board of Directors-2020

    To,

    All IBAI Members
    We are pleased to announce the results of Election of IBAi Directorsheld at the Annual General Meeting held on September 24, 2020..
    Following are the results:

    1.        Mr. Sundaram Venkatavaradan representing Abhivridhi Insurance Brokers Pvt. Ltd.,  elected as Director from the West Zone

    2.        Mrs.Rashmi Ravi Iyer representing Global Insurance Brokers Pvt. Ltd. elected as Director from West Zone.

    3.        Mr.Sandeep Dadia representing Aditya Birla Insurance Brokers Ltd., elected as Director from West Zone.

    4.        Mr.Mohan Sriraman representing Paavana Insurance Brokers Pvt. Ltd.elected as Director from South Zone.

    5.        Mr.Surender Kumar Tonk, Advance Life Insurance Brokers Pvt. Ltd. appointed as Director from North Zone.

    6.        Mr. Arvind Kumar Khaitan , Salasar Services (Insurance Brokers) Pvt. Ltd. reappointed as Director from East Zone.

    We wish to congratulate the newly elected / appointed Directors and extend our best wishes to all of them.
    We also wish to thank all our Broker Members for participating in the e-voting election process.
    Best regards,
    Sundaram Venkatavaradan  
    Director & Hon. Secretary
  • Online Programme on D & O Insurance and Cyber Risk Insurance : July 18, 2020 from 10.00 am to 1.00 pm.

    To,
    All Broker Members
    Dear Broker Members,
    Greetings from IBAI!
    Pleased forward the trail mail from National Insurance Academy (NIA) Pune, regarding online programme on D&O Insurance and Cyber Risk Insurance, being organised by the Academy on July 18, 2020 from 10.00 am to 1.00 pm.
    We have received request from Director of the Academy to support this initiative by registering for this very useful and quality programme, in good numbers.
    Each participant in this programme will receive a participation certificate from the Academy.
    Best regards,
    Alphonso Vaz
  • Guidelines on Standardization in Health Insurance 2016

  • Guidelines on Standardization in Health Insurance 2016

  • IRDA (Insurance Advertisements and Disclosure) Regulations, 2000-Updated-20.05.2020

  • Continuity of Insurance Policies

    Continuity of Insurance Policies

     

    We would like to bring to the attention of policyholders that the Standard Fire and Special Perils Policy(commonly known as property policy)has the following condition:

     

    “Under any of the following circumstances the insurance ceases to attach as regards the property affected unless the Insured, before the occurrence of any loss or damage, obtains the sanction of the Company signified by endorsement upon the  policy by or on behalf of the Company :- 

    b) If the building insured or containing the insured property becomes unoccupied and so remains for a period of more than 30 days (Not applicable for Dwellings).”

    1. We are all going through an unprecedented situation of lockdown to battle the deadly Corona Virus.
    2. We do understand that in the current crisis it might not have been possible for some policyholders to send communication to insurance companies for continuation of coverage and obtain endorsements.
    3. Therefore it has been decided that a one-time relaxation is given to all policyholders whose property is unoccupied on or after 25/03/2020 till 03/05/2020. Properties of such policyholders shall be deemed to be covered subject to the policy being in force. All other terms and conditions of the policy remain unaltered.
    4. Policyholders are requested to contact their respective Insurance Company in case of any doubt / difficulty.

    Click here for more details

  • GIC unoccupied Circular

    Sir,

    Re: Suspension of certain policy conditions during lockdown period

    This is in response to the subject letter dated 13th April 2020 requesting GIC Re’s views on the same.

    The Government has declared lockdown due to outbreak of Coronavirus and the phase 1 of lockdown which ended on 14th April 2020 has been extended to May 3,2020. There is however some likelihood of partial lifting of the lockdown in some places effective 20th April 2020.

    The Government has also declared insurance as an essential service and reasonable sized organisations across industries are working online to keep their businesses running.

    As a treaty reinsurer, we rely on the prudence and competence of insurers to take decisions in the matter and would normally not enforce our views. As a basic tenet of insurance, the insured is expected to behave as though he is uninsured and take all reasonable measures with due diligence and do everything practicable to protect the insured property in accordance with statutory requirements.

    However , since our views are sought, kindly note our observations below which may be used as guidance by insurers so that referral on each and every risk is avoided :

    1. Operational Policies

    • In respect of all Risks of Retail / MSME upto Sum Insured of Rs 5 crs may be shown leniency and allowed continuity of cover for unoccupied premises upto 3rd May 2020 or till such time the lockdown is extended by the Government , without taking written consent from insurer subject to all risk management systems and security systems being in place.

     

    • In respect of all other risks, since online facilities are available, insured may intimate insurer regarding non-occupancy of the premises and specific approval maybe given by the insurer for continuity of cover upto 3rd May 2020 or till such time the lockdown period is extended by the Government , subject to risk management systems (eg. Fire extinguishers, sprinklers, 24/7 security , CCTV cameras, electric power supply being shut down in storage blocks etc.) being in place and operational . Wherever the risk is deemed as a silent risk, insurer to be intimated accordingly and silent risk coverage conditions to apply.

     

    • In both the above cases, Business Interruption cover is not operative during the period of non-occupancy.

    2. Cessation of work

    • Cover may be extended subject to –

      (a) All Risk Management systems being in place (Eg. security systems , fire systems / power to be shut down in case of storage facilities /burglary protection systems/ flood protections measures / fences and video control systems / regular inspection service etc.)

      (b) Upto date progress work report to be provided.

    • Cover does not apply for ALOP / DSU
    • Any cover does not prolong original policy period.

     

    3. For facultative acceptances, since these would be mostly large risks and more complicated, all risks will have to be examined on a case to case basis by GIC Re.

    It may be mentioned here that no refund may be allowed on premium for any case arising out of these extra ordinary circumstances under which waiver of policy condition and extension of coverage is being granted.

    Hope the above clarifies our stand on the matter. Sincerely,

    (Devesh Srivastava)
    Chairman and Managing Director 18th April 2020

  • Extension Premium Payment

  • IRDA Circular BAP Returns 2

  • Providing mandatory medical insurance-IRDA

    Circular
    Ref: IRDAI/HLT/CIR/MISC/093/04/2020                                                                                         Date: 16-04-2020
    Providing mandatory medical insurance coverage to workers as part of the National Directives of MHA, GOI
    Ref: IRDAI/HLT/CIR/MISC/093/04/2020.

    16th April, 2020

    All General and Stand along Health Insurers (Except AIC and ECGC),

    Sub: Providing mandatory medical insurance coverage to workers as part of the National Directives of MHA, GOI

    1. Reference is invited to Order No. 40-3/2020-DM-I (A) dated 15th April, 2020 issued as part of the Consolidated Revised Guidelines by Ministry of Home Affairs, GOI. As per the said order, inter alia; the following are stipulated:
      • All industrial and commercial establishments, work places, offices etc. shall put in place arrangements for implementation of Standard Operating Procedure (SOP) before starting their functioning.
      • As per clause no. 5 of Annexure – II of the said SOP for social distancing for offices, workplace, factories and establishments, medical insurance for the workers to be made mandatory.
    2. In light of the above, all General and Health Insurance companies may offer comprehensive health insurance policies either to individuals or groups in order to enable the listed organisations / employers / establishments comply with the above referred directions.
    3. The insurers are advised to devise comprehensive Health insurance products with simple wordings, conditions and at affordable cost to be offered to the stated organisations.
    4. The above referred organisations should be able to continue the Medical Insurance Policy offered by insurers not only for the present situation but for all time.

    T L Alamelu MEMBER
    (Non Life)

    All Copy Rights Reserved. 2012 IRDA
  • IT Vendor for support to members on filing BAP Returns.

    To,

    All IBAI Members,

    Dear Members,

    IBAI is commencing a new service which will benefit most of its Members , this service will enable them to file their BAP Returns on time.

    As all of you are aware that BAP Returns have to be filed at regular intervals viz (Quarterly, Half Yearly and Annually )

    The Quarterly filing dates are from 1st to 15th of the month following the end of each Quarter (March, June, September and December)

    We have engaged an IT company named SOLUTION INFINITE NETWORKS LLP whose services will be available to all our broker members every quarter from 6th to 20th of the month.

    This assistance will be available from 8th July to 23rd July for Quarter 1 Returns and then from 7th Oct to 22nd Oct for Quarter 2 Returns and so on.

    The resource will be available from 10 am to 6 pm from Monday to Saturday except Public holidays at the Help Desk Number 9004349299

    Members facing problems / issues with the system or any trouble shooting issues can call at above Help Desk Number (viz 9004349299) and take assistance from this resource.

    If required the resource will take your PC on remote and try to help you to resolve the issue.

    The resource will not be able to help or comment on the Data part as he is just there for Hardware and Software issue.

    We will try and get him engaged with IRDAIs BAP Vendor Company to have better understanding of the BAP system during the course of time


    Disclaimer : This service is purely in the interest of assisting our Members (on hardware and software issues) and to facilitate them to file their BAP returns and it nowhere guarantees filing of returns on time as prescribed by IRDAI.

    If your problem still persists / remains unresolved you need to approach the BAP Help Desk team at IRDAI and raise tickets accordingly in prescribed time frame.

    Regards,

    Vijay Rampal

    Director & Hon. Secretary

  • On-line 25 hours renewal training for Broker Members

    To,

    All Broker Members,

    Dear Sirs,

    We are pleased to inform that the IBAI On-line 25 hours Renewal Training for Broker Members has been receiving very good response from our Broker Members.

    It has been IBAI’s endeavour to spread the Insurance knowledge to a larger section of employees of broking fraternity. Therefore has reduced the Training fee from Rs.2,000/- to Rs. 100/- plus GST 18% , to make the same affordable to more members and are encouraged to avail the Training facility established by the Association.

    We are hereby encouraging all our members to patronise on-line training through IBAI established training facility to their employees, so that IBAI attains the unique status of largest online training centre.

    Best regards,

    S.K. Jain

    Sr. Vice President

  • Webinar Lecture Series on Insurance for Broker Members

    Dear Broker Members,

    Further to communication dated 27/2/2019 from President Shri Sanjay Kedia, the Association has taken an initiative of webinar Lecture series on Insurance, starting Friday, March 8, 2019.

    The schedule of webinars till Jun 2019 is given below for your readily reference.

    The first webinar to be held at 3.00 pm on 8/3/2019 will be on the important current topic “Impact of GIC circular on premium”.

    All are requested to join on the appointed date and time.

    Schedule of webinars and the guidelines are given below for information of Members.

    Best regards,
    Alphonso Vaz
    IBAI Secretariat

     

    Schedule of webinars for the period March to May 2019

    S.no Topic Date of webinar Name of Speaker
    1 Impact of GIC Circular on Insurance premium 8/3/2019 Sh Hari Radha Krishana (hari@amicusbrokers,com)
    2 Cyber Risk 15/3/2019 Dr N Raveenderan po_alegion@alegion.net
    3 Fire Insurance Coverage’s , Exclusions, Add On cover 12/4/2019 Members  are invited to deliver talk on any of these topics.
    4 Precautions to be taken while buying the Fire Insurance with case studies 26/4/2019
    5 Claim settlement under fire Insurance  with case studies 10/5/2019
    6 Marine Cargo Insurance with all clauses 24/5/2019
    7  Precautions to be taken while buying Marine cargo Insurance 14/6/2019
    8 Claim and case studies of Marine Cargo insurance 28/6/2019

    Guidelines:

    1. The topics at serial no. 3 to 8 are tentative and can be changed as per member’s request.
    2. Duration of webinar will be of 60 -90 minutes. The speaker has to intimate in advance the duration of his talk.
    3. PPT is to be sent one week before the date of webinar.
    4. No remuneration will be paid to any speaker but memento i.e trophy with the speaker name will be awarded.
    5. The webinar on the topic “Claims” will be preferred from the Surveyor.
    6. All webinar will be recorded for future reference and will be available at the website of IBAI, the same can be listened by paying the nominal fees of Rs 100/- per webinar.
    7. Any specific query of the members  may be sent to the speaker in advance or after the webinar  at the email of the speaker with a copy to ibai@ibai.org
    8. IBAI will be maintaining the panel of  speakers, interested Members  are requested to submit their names  along with the topic to Vice- President shri S. K. Jain at skjaineibl@gmail.com  and IBAI at ibai@ibai.org.
    9. The link of the webinar will be sent on the email id available at the website of IBAI, therefore, all member are requested to provide the correct email id.

  • IRDAI (Re-insurance) Regulations, 2018

    To,

    All Composite and Reinsurance Broker Members

    Dear Sirs,

    Notification dated December 5, 2018, – IRDAI (Re-insurance) Regulations, 2018 which will be effective 1-Jan-19, is attached for your information please.

    Best regards,

    Alphonso Vaz

  • Constitution of Working Group for revisiting the Surveyor Regulations

    To,

    All IBAI Members.

    Respected Members,
    This is to invite your attention to below email of August 17, 2018, from President Mr. Sanjay Kedia inviting your comments and suggestions for changes and improvement on the Surveyor Regulations, addressed to all members.

    While we have been in dialogue with Authority on the subject, look for your feedback also on the regulations which would be highly valuable for us, so that consolidated feedback all the members could be placed before IRDAI for their consideration.

    Once again therefore, requesting all those who are yet to respond to kindly share your feedback with Shri Kishan Agrawal, Director & Treasurer, IBAI, at kishan@wibl.in who is spearheading this initiative, with a copy to ibai@ibai.org, within a week’s time and not later than October 6, 2018.

    Best regards,

    Alphonso Vaz

  • Online registration by IBAI Members

    To,

    All Broker Members

    Dear All,

    As you are aware that with regard to election of Directors on IBAI Board, e-voting provision has been incorporated in the AOA of IBAI. In order to implement the same, the data of members along with name of their nominated authorized person is required to be submitted to the Authorised Agency (CDSL) to mail the procedure of e-voting to respective members.

    Therefore it is requested that all members may kindly fill in membership registration form available on home page of IBAI website www.ibai.org. by clicking existing user or new user as the case may be.

    We also wish to inform as per provision in the Articles of Association of IBAI, the annual membership fee of the Association for the financial year 2018-19 is required to be paid before 30th June 2018, as otherwise the member will not be allowed to caste vote or contest in the election process.

    There are also some members who have not paid fees for earlier years and have been sent reminders dated April 18, 2018 and those who have not responded so far are requested to deposit the same to avoid ineligibility for voting and contesting the election.

    Members who have already done their membership registration on line on IBAI website may kindly ignore this email message.

    Best regards,

    Alphonso Vaz

    IBAI Secretariat

  • Code of conduct for members

  • CIRCULAR

  • FAQ’s on Insurance Brokers Regulations 2018

  • FAQ’s on Insurance Brokers Regulations 2018
  • Presentation on Brokers Regulations 2018

    A
    Presentation
    On
    IRDAI (Insurance Brokers) Regulations2018
    At
    New Delhi/Kolkatta /Mumbai/Chennai
    By
    Insurance Brokers Association of India


    broker regulations 2018
    Download
  • Online Renewal Training for Broker Members

    To,

    All Broker Members.

    Dear Members,

    We are pleased to inform that the IBAI – Online Renewal Training for Broker Members was inaugurated by Shri T.S Vijayan, Chairman IRDAI, at the XIV Brokers Summit held at Taj Krishna, Hyderabad on January 24, 2018.

    With this, a new chapter has been added with IBAI starting ‘online training for Broker Members’ for renewal of broker licence of members.

    The fee payable for the online training programme is kept at Rs. 2,000/- only plus GST, per candidate.

    Broker Members are kindly requested to register their names for the online renewal training through the training link provided for online brokers training on the home page of IBAI website.

    We suggest all the members to opt for Renewal training facility established by IBAI for imparting quality training for the benefit of Member Brokers and for success of this initiative.

    we trust that all broker members would support this initiative taken by the Association

    Best regards,
    Board of Directors of

    Insurance Brokers Association of India

  • Insurance Brokers Regulations 2018

  • Location of New Office

    To,
    All Members,

    We are pleased to inform that for the first time IBAI will be moving to an independent office at a new location from November 6, 2017.

    Location of New Office is at:

    A –Z Industrial Premises,
    1st  Floor, Unit no. 165,
    G.K. Marg. Lower Parel,
    Mumbai – 400 013.

    During the shifting process, there will be temporary restricted service available to IBAI members for a couple of days.

    There will be telephone call transfer facility available from existing number for some time till we get a new Number (which will be intimated in due course) and you may continue to contact us on  existing telephone number 22846544. The email id’s ibai@ibai.org and avaz@ibai.org and cell no. 9820045606, will continue to remain  the same.

    We will strive for providing the excellent service and look forward to your continued support.. 

    Best Regards,
    Alphonso Vaz
    IBAI Secretariat