The Process for corporate applications as follows:
Please note - it is very important to send all the information required as your application cannot be processed until everything is received.
Step 1 An email is sent to the applicant to acknowledge receipt of the application if you have included everything that is required, if not you will be contacted by email asking for any missing documents from your application, either way you will be notified of the date for the next board meeting.
Step 2 Shortly after the board meeting you will be sent a confirmation letter, invoice, certificate & a copy of the IBANZ Rules & Code.
CORPORATE MEMBERSHIP CATEGORIES
(a) Corporate Member
A Corporate Member must be a body corporate which carries on a predominantly Fire and General Insurance Broking and/or Risk Management Business.
For an applicant body corporate to become a Corporate Member the applicant must satisfy the Board that:
(i) At the time of application at least one full time senior executive of the body corporate applicant has qualified by examination as an Associate of ANZIIF (or equivalent body agreed by Board) and has been admitted as a QIB and retains QIB status; or has had 5 years experience as an Insurance Broker and has been admitted as QIB and retains QIB status (or any other continuing education qualifications that may be adopted subsequently); provided that the Board
may in its discretion waive the requirement for admittance as a QIB upon being satisfied that the Executive Director is studying to attain QIB and proposes to attain QIB within 5 years of commencing that study; or has at least two (2) years as an Insurance Broking or Risk Management Business and has at least 25% shareholding in the applicant company and has been admitted as QIB and retains QIB status (or any other continuing education qualification that may be adopted subsequently); provided that the Board may waive the requirement for admittance as a QIB upon being satisfied that the Executive Director is studying to attain QIB and proposes to attain QIB within five (5) years of commencing that study.
(ii) It is of good business reputation
(iii) It has a separate and identifiable insurance broking client premium account
(iv) It has accounting procedures which the Board considers proper for its business
(v) It holds professional indemnity insurance (including fidelity cover) to limits that will be set from time to time by the Board.
(b) Provisional Corporate Member
A Provisional Corporate Member must be a Body Corporate which carries on a predominantly Fire and General Insurance Broking and/or a Risk Management Business.
An applicant which applies to become a Provisional Corporate Member must satisfy the Board:
(i) That at least one (1) full-time senior executive has at least five (5) years experience with non-life risk managers or insurance companies; and
(ii) That it meets the criteria set out for Corporate Membership as for 8(a)(ii) - (v) (inclusive) above.
A Provisional Corporate Member is not entitled to vote and cannot hold a proxy.
A Provisional Corporate Member may re-apply to become a Corporate Member when it is able to meet the criteria set out in paragraph 8(a) (i) above. If QPIB status is not attained within five (5) years of appointment as a Provisional Corporate Member membership of IBANZ ceases.
Please note all applications need to be approved by the IBANZ board, board meetings are usually held every six weeks