IRDAI -Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2020

Publication Details:

• Date: November 24, 2020
• Published by: Insurance Regulatory and Development Authority of India (IRDAI)

Key Amendments and Provisions:

1. Short Title and Commencement:
   • These regulations are called the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) (Amendment) Regulations, 2020.
   • They come into force on the date of their publication in the official Gazette, with certain provisions effective from April 1, 2021.
2. Objective:
   • To amend the 2015 regulations, enabling Insurance Surveyors and Loss Assessors to provide efficient and professional services to policyholders and the general insurance industry.
3. Definitions:
   • Approved Institution: An institution approved by the Authority for education and/or training in insurance.
   • Corporate Surveyor: A company or LLP licensed to act as a Surveyor and Loss Assessor, including existing partnership firms.
4. Licensing and Training:
   • Eligibility Criteria:
     • Specific academic, technical, professional, or insurance qualifications.
     • Passing relevant exams conducted by recognized institutes.
     • Practical training specified by the Authority.
   • Application Process:
     • Online submission of application and required documents.
     • Maintenance of original documents for verification.
5. Corporate Surveyors:
   • At least two directors/partners must be licensed Surveyors and Loss Assessors.
   • Specific requirements for application and documentation.
6. Fee Structure:
   • Non-refundable processing fees for individual and corporate licenses.
   • Additional fees for late renewal applications and penalties for delayed submissions.
7. Renewal of License:
   • Online application at least 30 days before the expiry of the current license.
   • Processing of renewal applications based on eligibility, performance, and compliance.
8. Duties and Responsibilities:
   • Comment on the admissibility of claims and assess liability as per policy terms.
   • Licensed Surveyors must undertake survey jobs only in their capacity as directors/partners of their firms.
9. Reporting Requirements:
   • Insurers must have a board-approved surveyor management policy.
   • Regular monitoring and reporting on the performance and conduct of Surveyors.
   • Maintenance of detailed records and timely submission of reports to the Authority.
10. Voluntary Surrender of License:

• Process for Surveyors and Loss Assessors to apply for surrendering their licenses, including required documentation and declarations.

1. Transitory Provisions:

• Qualifications specified in the regulations are prospective and applicable to new applicants post-notification.

1. Power to Frame Guidelines:

• The Authority may issue guidelines on training, forms, fee payment, and other procedural requirements.

1. Forms and Documentation:

• Various forms related to licensing, renewal, and compliance have been updated or omitted to streamline the process.

Key Takeaways:

• The amendments aim to enhance the professional standards and efficiency of Insurance Surveyors and Loss Assessors.
• A structured process for licensing, training, and renewal has been established, with clear eligibility criteria and documentation requirements.
• The regulations emphasize the importance of maintaining professional integrity, compliance with regulatory standards, and effective risk management within the insurance sector.
• Insurers are required to implement robust management policies for surveyors and ensure continuous monitoring and reporting.

The document provides a comprehensive framework for the regulation and development of insurance surveyors and loss assessors in India, ensuring better service delivery and adherence to industry standards.

For Full regulations please click here