Criteria for Membership
The board of IBNA is guided in its acceptance of an application by several key factors. These are listed below but alone do not necessarily guarantee acceptance. Each application will be considered on a case-by-case basis.
IBNA is looking for new Members/Licensees who fit the following criteria:
The applicant must be of good reputation in the industry and this would determine by:
- From Brokers:- a request to all member Brokers of the IBNA group to determine if there is any negative information in regard to the applicant.
- From Underwriters:- the application form requires completion of reference underwriters. These referees will be contacted by the IBNA office and the appropriate contact person at the Insurance Underwriter would be requested to supply a reference on the applicant.
- From Premium Funders:- Premium Funders shown on the application form will also be requested by the AIMS office to supply a reference for the applicant.
- The applicant should be a good fit with our major Business Partners both Insurers and Funders and with the general business character of the IBNA group.
- Clients that fit into SME and Personal Lines facilities with our major 5 Insurer partners.
- Clients that fit into other income generating business for IBNA.
- Funding business is transacted with preferred premium funders or willingness to change.
- Minimum premium income $5,000,000 unless geographically appropriate. It would be considered that a brokerage with less then $5 Million premium income could be considered as a member if they were in an area where no AIMS members were currently operating or if current operating members saw no conflict with the applicant.
- Unique facilities/affinities and willingness to share with membership. This is a desirable criteria but not a necessity.
- Minimum PI $10M with appropriate security with good claims history and willingness to fit into our Current facilities with minimum indemnity limits.
- Minimal AR’s. This would be under 10 AR’s but would be subject to review on the basis of the employment of the AR’s.
- Ability and willingness to attend Regional and national meetings.
- Ability and willingness to go on committees and assist IBNA/AIMS.
- Have been trading for at least 2 years or managed a broker license in last 3 years as Responsible Manager or Compliance Manager or traded as Authorised representative for 3years and obtained own licence.
Procedure to become an IBNA member
If you meet our initial membership criteria, we will require a fully completed application form which addresses information about your business, people and systems.
- Applications are to be submitted electronically to IBNA.
- All applications for membership once received shall be reviewed by the Finance & Admin Manager. If the criteria are met the applicants Name and Suburb will be gazetted to IBNA principal members for a 10 day period. During this period members are encouraged to lodge the comments regarding the applicant. The full application will be sent to the Directors for their review. References from Insurers will be sought during the gazette period.
- The application, together with supporting documentation will be included in board papers for the following directors’ meeting. At that meeting directors will determine the admission or rejection of the application. In no case shall the Board be required to give any reason for rejection of an application.
- When an application has been accepted for membership of the company, written notice of acceptance will be sent to the applicant. The applicant will be required to enter into a Deed of Licence with the company and provide fees associated with the annual licence, and purchase IBNA shares. IBNA will notify its members and business partners in writing of the new member. When an application for membership is rejected, the company shall forthwith send the applicant written notice of such rejection.
On acceptance of your IBNA membership, we will execute a Deed of Licence with you and issue an invoice for your subscription.
Annual membership renewals are due on July 1 every year.
Once we receive payment you will be issued with a new member pack, containing all the information required to start using our facilities.