History: Insurance Brokers Association of India (I.B.A.I.) was established as a Company under Section 25 of the Companies Act, 1956 on 25th July 2001. IBAI is run by a Board of Directors who are elected by the members. IBAI is a member of Bombay Chamber Of Commerce And Industry, Mumbai as well as of Federation Of Indian Chambers Of Commerce And Industry. Only I.R.D.A. licensed insurance brokers are considered for membership of I.B.A.I.
Goal: The main aims of IBAI are to encourage communication among the Insurance/Re-insurance Broker members and to support, promote, and protect the interests of the members of IBAI. It aims to provide an opportunity to the members for auxiliary education, training and research in all fields of insurance and re-insurance. It takes care of the interests of Brokers with other organizations. Insurance Brokers Association of India (I.B.A.I.) is the only Insurance Regulatory and Development Authority (I.R.D.A.)-recognized body of licensed Insurance Brokers. According to the Insurance Brokers’ Regulations 2002 outlined by the I.R.D.A., all licensed Brokers should be member of I.B.A.I. Direct Insurance Brokers, Composite Insurance Brokers and Re-insurance Brokers are members of I. B. A. I.
INSURANCE BROKERS ASSOCIATION OF INDIA,
MAKER BHAVAN NO.1, 7TH FLOOR,
SIR V. T. MARG, MUMBAI 400 020.
(TEL. NO.- 022 – 22846544)