Insurance Brokers Association of India (I.B.A.I.) is the only Insurance Regulatory and Development Authority (I.R.D.A.)-recognized apex body of licensed Insurance Brokers. As per Insurance Brokers’ Regulations 2002 framed by the I.R.D.A., all licensed Brokers are required to be member of I.B.A.I. As on date, Direct Insurance Brokers, Composite Insurance Brokers and Re-insurance Brokers (totaling to 475 licensed insurance brokers) are members of I. B. A. I. Only those insurance brokers who are licensed by the I.R.D.A. are considered for admission into the membership of I.B.A.I.