INSURANCE BROKERS ASSOCIATION OF INDIA
Kolkata 15th December,2011: IBAI is organizing its 8th Brokers Summit with the theme as “Brokers Repositioning in the changed environment” at Hotel Taj Bengal on December 16, 2011. The summit will be inaugurated by Shri J Hari narayan, Chairman, IRDA. It is expected that about 250 delegates from Broker Member Organizations, Insurance Companies, Customers and other stakeholders from Insurance Industry would be participating in the Summit.
There are several changes taking place in the Insurance market in India. During the Summit, there will be deliberations on critical issues such as new priorities in the changing environment following global financial crisis, the role of Brokers today and how it will and should evolve, adapting to changing landscape with Brokers and Insurers engaging in an effective dialogue. With this backdrop in view, the theme of the Summit has been titled “Brokers- Repositioning in the changed environment”. There wil be technical sessions that will be addressed by speakers drawn from the different sections of the Insurance Industry.
As on date there are 285 licensed brokers of whom there are about 241 Direct Brokers, 33 Composite Brokers and 6 Reinsurance Brokers. Brokers handle around 25% of business in non-life segment and about 5% in the life insurance segment. A broker provides a wide array of services from risk analysis, to placement of business t best price with optimum coverage, rendering service during currency of the insurance contract and assist in the handling of claims amongst many other services.
IBAI as per its objectives has been espousing the cause of its members on various issues with the IRDA, Genaeral & Life Insurance Councils, and Insurance Companies apart from taking up issues with Ministery . IBAI is currentiy deliberating with IRDA on issues like speedy renewal of license ,claims consultaney on standalone basis,subbroking medical coverage to senior citizens, bancassurance, brokerage on terrorism and other issues like Service Tax, Tax deductible at Source with Central Government. It is expected that with the support of costomers, Insurers, Insurance Councils and IRDA, the brokes will play a major representing the insurance market in India on the same line as in other International Markets .
The Insurance Brokers Association of India (IBAI) was formed in 2001 under section 25 of the Companies Act, 1956 as a non-profit making organization for the welfare of the Licensed insurance & reinsurance brokers, This is the only association recognized by the Insurance Regulatory and Development Authority (IRDA).
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