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.