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Big Changes after long at Insurance Brokers Association of India (IBAI)

At the recent AGM and elections of the Insurance Brokers Association of India (IBAI) conducted on 24th September 2020 (https://ibai.org/agm-on-september-24-2020-at-11-00-am/) for filling up vacancies, there was a landslide win for four totally new contestants — Dr Sandeep Dadia – Aditya Birla Insurance Broker; Mohan Sriraman – Paavana Insurance Brokers; Rashmi Iyer – Global Insurance Broker; and Sundaram Venkaravardan – Abhivridhi Insurance Brokers — with all other incumbents shown the door.

It is to be noted that most of outgoing members have been holding positions on the Board for 6 to 10 years.

Sanjay Kedia of Marsh India Insurance Broker Pvt. Ltd. who has been on the Board of Directors and also former President of IBAI for a long tenure, lost the elections this year.

This year, according to informed sources, it appears that there was complete loss of trust & confidence in the incumbents, since the Past President Sanjay Kedia representing Marsh India Insurance Broker had brazenly gone back on his written election manifesto of 2017; i.e., that he will not stand for election next-term as part of manifesto. All Indian brokers are also wary of their indigenous agenda being ignored in terms of “ease of doing business” — which was sidelined by FDI in the interest of a big and MNC entity.

As per the new norms, the AGM was conducted virtually and E-Voting process conducted by CDSL.

The winners of last year’s Elections of IBAI Directors held at the AGM on September 24, 2019, were also not elected this year namely: 1. Kishan Agarwal – M/S.Worldwide Insurance Brokers Ltd. (Director-North Zone); 2. Akhilesh Jain – M/S. Trinity Reinsurance Brokers Ltd. (Director-North Zone); 3. Kapil Mehta – M/S. SecureNow Insurance Broker Pvt. Ltd. (Director-North Zone); 4. Mukesh Jain – M/S. Sridhar Insurance Broker Pvt. Ltd. (Director – North Zone; 5. Girish Malik – M/S. Xperitus Insurance Brokers Pvt. Ltd. (Director – West Zone); 6. Ciby Varghese – M/S. Bima Genie Insurance Brokers Pvt. Ltd. (Director – South Zone). However, the website of IBAI is still showing the old list of office bearers and functionaries and the candidates eligible for contesting elections (https://ibai.org/election-of-candidates-at-the-agm-2020-september-24-2020/).

CS Sandeep Parekh was the appointed Independent Election Officer for the 24th September 2020.

Insurance Brokers Association of India (IBAI), is run by a Board of Directors who are elected by the members. As per insurance brokers regulations framed by the sector Regulator IRDAI, all licenced Brokers are required to be mandatory member.