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Category:
South Africa
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Insurance
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Resources /
Insurance
Brokers Council
Insurance
Brokers Council (IBC)
The
Insurance Brokers Council (IBC) was established in 1979
as a national umbrella organization for independent
brokers. This was the result of the need experienced by
a growing number of independent brokers for a national
organization to act collectively not only on their
behalf, but also in the interests of their growing
client base and the industry as a whole.
 IBC membership has shown constant growth since
establishing various branches in towns and cities
throughout South Africa. The IBC is increasingly
accepted as the mouthpiece of independent brokers by not
only the insurance industry but also at government
level. Through the valuable contributions and input of
its members, the IBC has become part of the substantive
and constructive process that influences industry
matters at both these levels. At this stage in
2001, the IBC had more than 3 000 members in 24 branches
nationally.
Except for National Office staff, the IBC is managed
solely by independent brokers with their own busy
practices.
The IBC is a founder member of the international
organization CIIBA (Council of International Insurance
Broker Associations). CIIBA's aim, amongst others, is to
promote the important role insurance brokers play
worldwide in the development of the global insurance
industry.
Reason for Establishment
The
many reasons for establishing the IBC in 1979 are still
the reasons why independent brokers should join our
ranks in the new millennium.
To protect members’ interests.
Critical areas are conditional selling, the cancellation
of broker contracts, disputes between insurers and
brokers, the S-reference system, equal remuneration and
fair and reasonable broker contracts.
To act as the mouthpiece for the independent broker.
The IBC is a founder member of FIFSA (Financial
Intermediaries Federation of South Africa) as well as
CIIBA (Council of International Insurance Broking
Associations), and consults regularly with the LOA (Life
Offices Association), SAIA (South African Insurance
Association), AUT (Association of Unit Trusts), FSB
(Financial Services Board) , CMS (Council of Medical
Schemes) and all relevant product providers.
To establish training facilities for brokers.
The IBC supports the training programs offered by IISA
(Insurance Institute of South Africa) and any other
training provider who could add value for our members.
To harness members’ collective capacity.
To solve collective problems on a group basis.
To develop unique solutions for all stakeholders.
Such products and schemes are group life cover, trauma
cover, income protector, professional indemnity,
preferential rates and agreements.
To provide a home for the independent broker.
The IBC provides a place of belonging not only for the
small and medium sized brokerage, but also for the
larger independent corporates. Ideas are exchanged and
members support one another. IBC meetings are held
regularly to keep members informed and to motivate them.
The IBC's quality magazine reports on industry matters
on a regular basis.
Visit
their website at www.ibcsa.org.za for more
information.
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