Mumbai, India – March 18, 2025: The Insurance Brokers Association of India (IBAI) is pleased to announce that Mr. Nirmal Bazaz has been unanimously elected as the Honorary Secretary of The Insurance Brokers Association of India, and he has taken charge with immediate effect. Mr. Bazaz was elected as the Director of IBAI in 2023 and he continues to hold that position.
Mr. Nirmal Bazaz is the founder of Extra Cover Insurance Brokers Pvt. Ltd., a leading insurance broking house in Eastern India, in 2005. Mr. Bazaz, an Honours Commerce Graduate from St. Xavier’s College, Ranchi qualified his Chartered Accountancy in year 1991. In over 3 decades of his professional journey, he has played various roles including corporate finance, audit, management consultancy at EY, stock broking and insurance broking.
During his journey he has also extended his professional service as sole insurance consultant for some of the largest projects of Navratna Companies. He has also played quite active role in creating awareness and education on risk management and insurance by organising seminars, workshops through various platforms like Indian Chamber of Commerce & Industry, Business Associations, EIRC of ICAI, etc. He also acts as visiting faculty for Orientation programme for Chartered Accountants pursuing Diploma in Risk Management (DIRM) of ICAI. He actively represents the brokers’ community on various platforms, including the Insurance Regulatory and Development Authority of India (IRDAI).
Speaking on his election, Mr. Sumit Bohra, President, IBAI stated, “We are happy to welcome Mr. Nirmal Bazaz as the honorary secretary of IBAI. With his extensive industry experience and commitment, we are looking forward to him playing an important role in achieving the goals of the association.”
About Insurance Brokers Association of India:
Insurance Brokers Association of India (IBAI) is the recognized association of all licensed insurance brokers in the country. It was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001 with its own Memorandum of Association as well as Articles of Association, as required under the Companies Act, 1956. The management of the IBAI vests in its Board of Directors (17 in number) who are elected by the members. The day-to-day functioning is entrusted by the Board to those directors who are chosen as office-bearers & the Secretary-General who is appointed by the Board.
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