(Lto R)- Narendra Kumar Bharindwal, President, IBAI, met with Tapan Singhel, chairman, General Insurance Council on Monday

The Insurance Brokers Association of India( IBAI) wants an industry-wide dialogue on the transfer of GST burden to intermediaries to maintain viability and compliance, along with standardized and time-bound co-insurance brokerage settlement guidelines to streamline operations and cashflows

Mumbai: The Insurance Brokers Association of India (IBAI),representing over 750 licensed insurance brokers across the country, has raised concerns over market conduct of general insurers and has urged them to honour existing commission arrangements, avoid discouraging the servicing of retail health policies, and consult intermediaries before altering remuneration terms.

The IBAI wants an industry-wide dialogue on the transfer of Goods and Services Tax (GST) burden to intermediaries to maintain viability and compliance, along with standardized and time-bound co-insurance brokerage settlement guidelines to streamline operations and cashflows.

The IBAI on Monday met with Tapan Singhel, chairman, General Insurance Council (GI Council), the official representative body of general insurers, today and submitted a detailed representation highlighting critical issues affecting transparency, market conduct, and policyholder welfare in the general insurance sector. IBAI reiterated its commitment to work collaboratively with the GI Council, Government, and regulators to strengthen customer trust, improve distribution efficiency, and ensure sustainable market growth.

It has requested that an IBAI nominee be included as a special invitee in GI Council meetings discussing distribution and policyholder issues, the adoption of a standard and fair arbitration clause across all policy types, and the formation of a joint working group to operationalize an Alternative Dispute Resolution (ADR) framework for faster, pre-litigation settlements.

To enhance transparency and consumer protection, IBAI has proposed quarterly product-level disclosure of claim settlement ratios, loss ratios, and turnaround times on insurer websites. It has also recommended appointing a Grievance Redressal Officer for commercial claims within each insurer and urged senior leadership to expedite long-pending and high-ticket claim resolutions.

Singhel, emphasised the importance of stronger coordination and constructive dialogue among all industry bodies and stakeholders to advance the interests of policyholders and promote responsible growth of the general insurance sector. He encouraged continued collaboration between the GI Council and IBAI on issues related to market conduct, transparency, and customer trust.

Narendra Kumar Bharindwal, President, IBAI, said, “IBAI’s goal is to create a fair, transparent, and stronger insurance ecosystem where everyone, like the policyholders, brokers, and insurers can benefit together.”