INSURANCE BROKERS ASSOCIATION OF INDIA ( IBAI)
  • Vision 2025
  • Contact us
  • Why Insurance Broker

    • Mumbai

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

    9619794915
     ibai@ibai.org

    Delhi

    Worldwide Insurance Brokers Ltd.
    B 42, Sector 63, Noida 201307

    9891524246
      ibai@ibai.org

    Kolkata

    6th Floor, Fortuna Tower,23A,
    Netaji Subhas Road,Kolkata – 700001

    (033) 30492608
    ibai@ibai.org

    Hyderabad

    203, 2nd Floor, Ashok Vishnu Capital,
    Plot No.90, Road No.2, Banjara Hills,

    09000355577
      ibaihyd@ibai.org

    Banglore

    # 48, Vaishnavi Badri, 5th Main Road,
    Jayamahal Extension, Bangalore 560046

    9886478755
     ibai@ibai.org

    Procedure to file Renewal Application

    Read the following two documents carefully

    • Insurance Brokers Regulations 2018.(Click here)
    • Manual for online filing of Application (Click here)
    • The application to be filed online which is replica of Form A.
    Sr. No. Particulars
    1 Copy of Memorandum and Articles of Association- CA Certified
    2 Shareholding pattern at the time of last renewal and at the time of renewal application- CA Certified
    3 Shareholding pattern -Giving folio no, certificate no, No of shares,% holdings ,authorised capital, paid up capital, foreign holdings -CA Certified
    4 Particulars of all Directors/Partners/Proprietor
    5 Name and activities of associate companies/concerns
    6 Three years business plan document with projected volume
    7 Organization Chart
    8 Particulars of Key Management Personnel
    9 Details of infrastructure like office space, equipment and manpower
    10 Lease Agreement Copy
    11 Business handled during the last three years – CA Certified
    12 Details of experience in insurance broking
    13 Financial Information- Capital Structure, Deployment of Resources, Major Sources of Income, Income and Profit before Tax (PBT) and Dividend
    14 Audited Balance Sheet for Last 3 years
    15 Details of all settled and pending disputes
    16 Undertaking
    17 Qualification & Experience Details Of The Principal Officer
    18 List of Employees Who Will Be Responsible For Soliciting And Proccuring Insurance Business
    19 Details of The Fixed Deposit
    20 Affidavit of PO
    21 Last 3 Years Professional Indemnity Policy copies
    22 Details of annual licence fees paid for previous 3 years- CA Certified
    23 Any other information considered relevant- Claims handled -reported, paid, settled, rejected- CA Certified
    24 copy of current licence

    Undertakings

    • The company has _____ no. of persons in employment as on the date and will ensure to employ the minimum of 2 qualified persons in employment during the license period, who have the necessary qualifications specified in clause 9(F) and necessary experience to conduct the business of insurance broker under Reg. 9(2) ©
    • No Director / Principal Officer / Shareholder / Employee / person directly or indirectly connected with the Broking Company, has been refused in the past the grant of a license by IRDA.
    • The Principal Officer and Key Management Personnel & all the persons responsible for soliciting and procuring business, possess the necessary qualifications and the necessary Brokers Training / Renewal Training requirements as provided in Regulation 9 (F) are complied and shall be complied with at all times.
    • The Principal Officer has not violated the code of conduct as specified under Schedule III of the IRDA (Insurance Brokers) Regulations, 2002 and no complaint is filed against him as on the date.
    • The Principal Officer is appointed exclusively to carryout the functions of an Insurance Broker under Regulation 2 (1) (k) and is neither holding any Directorship / Employment / Assignment in nor represents, either on full time or on part time basis, any other Insurance related or any other entity.
    • None of the directors and employees of the company are holding any directorship / employment in or represent any other insurance related entity.
    • The Office Premises of the Broking Company and its branches are / will be exclusively used for Insurance Broking Business only and no other activity is carried on.
    • None of the Broking Company / Associate companies / Directors / Promoters / Key Management personnel / Principal Officer /Employees is holding Agency / Corporate Agency / TPA / Surveyors License.
    • There has not been any intervention by any other Regulatory Authority on the Promoters / Management / Applicant Company as on the date.
    • Note: The above mentioned list of documents and information’s are indicative, IRDA can demand additional documents and information’s. IBAI does not hold any responsibility for not prescribing any document /information demanded by IRDA.
    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

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    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 complaints@irda.gov.in 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.