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Notice of Extraordinary General Meeting of IBAI to be held on July 31, 2023

ADMIN / Latest Updates July 12, 2023 / LATEST UPDATES

Dear Member(s),

Trust you and your family are safe and in good health!!!

This is to inform you that, the Board of Directors of the Association at its meeting held on 30th June, 2023 and, approved to hold an Extraordinary General Meeting (EGM) of the Members of the Association at the requisition of Insurance Brokers Association of India on Monday, 31st day of July, 2023 at 11.00 a.m. through Video Conferencing/ Other Audio Visual Means (VC/OAVM) facility

The Notice of the EGM of the Company along with its annexures can be accessed on the website of the Association at www.ibai.org, as well as from the website of Bigshare Services Pvt. Ltd at https://ivote.bigshareonline.com

The members of the Company, whose names are recorded in the Register of members, as on the cut-off date ie. Members who have paid their annual membership fees as on 30th June 2023. shall be able to cast their vote electronically. The e-voting module shall be disabled by Bigshare Services Private Limited ( i-Vote ) for voting thereafter may cast their vote by remote e-Voting before the EGM or e-Voting during the EGM. The remote e-voting shall commence on Friday, July 28, 2023 (9:00 am IST) and end on Sunday, July 30, 2023 (5:00 pm IST).

The User ID & password in table format for Remote e-voting will be share soon, with the eligible members to cast their votes.

Kindly note that once Members cast their votes on the resolutions, the same cannot be modified subsequently.

In case Members have any queries regarding E-voting, you may refer the Frequently Asked Questions (‘FAQs’) and i-Vote e-Voting module available at https://ivote.bigshareonline.com , under download section or you can email us to [email protected] or call us at: 1800 22 54 22. Alternatively.

Agenda for the meeting is provided in the attached Notice.

Yours faithfully,

Sd

Sundaram Varadan

Hon. Secretary & Director

EGM Notice 2023

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.