How to become an Insurance Surveyor and Loss Assessor?

Who is a Surveyor and Loss Assessor?

A surveyor and loss assessor is a professional intermediary, authorized by the Insurance Regulatory and Development Authority of India (IRDAI), tasked with investigating, managing, quantifying, validating, and handling losses (whether insured or not) resulting from various contingencies. They operate on behalf of either the insurer or the insured, ensuring their work is carried out with competence, objectivity, and professional integrity. They strictly adhere to a prescribed code of conduct as mandated by relevant laws and regulations.

Regulatory Framework Governing Surveyors and Loss Assessors

The key regulatory frameworks for surveyors and loss assessors include:

• Section 64UM of the Insurance Act, 1938
• IRDAI (Surveyors & Loss Assessors) Regulations, 2015
• IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2017
• IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2020

Services Provided by a Surveyor and Loss Assessor

Surveyors and loss assessors provide a range of services, including:

• Investigating, managing, quantifying, validating, and handling losses from any contingency.
• Estimating, measuring, and determining the quantum and description of the subject under loss.
• Conducting property inspections and re-inspections, performing spot and final surveys, and addressing matters related to franchise, excess/underinsurance.
• Advising insurers and insured parties on loss minimization, control, security, and safety measures.

Procedure to Register as a Surveyor & Loss Assessor

Enrollment:

1. Visit www.irdabap.org.in and create a user ID and password.
2. Submit an enrollment application along with the required documents on the IRDAI’s BAP portal.

Examination:

1. Upon approval of the enrollment application by IRDAI, register for the III Exam if listed as an eligible candidate.

Training:

1. After passing the exam, start training in the chosen line of business, either under a surveyor or through institutional training as selected during enrollment.

Fresh License Application:

1. After completing the training, submit an application for a fresh surveyor license with the required documents on the IRDAI’s BAP portal.

Renewal of Surveyor & Loss Assessor License

Process:

1. Renewal applications must be submitted on www.irdabap.org.in.
2. The license needs to be renewed every 3 years.
3. Applications can be submitted 90 days before the license expiry.
4. Late fees apply if the renewal application is submitted within 30 days after the expiry (Rs. 100/-) or up to 6 months after the expiry (Rs. 750/-).

Required Documents:

1. Log in to www.irdabap.org.in.
2. Submit FORM 12 for the last 3 years.
3. Initiate the renewal application (IRDAI FORM 5AF).
4. Upload necessary documents such as photo ID, address proof, IIISLA membership certificate, qualification certificate, FORM 20 AF, affidavit for being a partner/director, and a passport-size photo.
5. Make the payment and submit the renewal application.

Modification of Individual Surveyor License

Procedure:

1. Log in to www.irdabap.org.in and submit a modification request for name correction, address change, or addition of Lines of Business (LOBs).

Required Documents:

1. For additional departments: III Surveyor examination mark sheet, enrollment approval letter/email from IRDAI, quarterly training reports, training completion certificate (FORM-IRDAI-16), qualification certificate, categorization letter from IRDAI, and IIISLA membership certificate.
2. For address change: Valid address proof (e.g., Aadhaar, bank passbook, utility bills), and surrender the original license.
3. For name correction: Gazette notification for the name change with valid ID proof (e.g., PAN card, Aadhaar card), and surrender the original license.

Duplicate License:

1. Provide a copy of the police report for the loss of the license and make an online payment of Rs. 5/-.

Obtaining a Fresh Corporate Surveyor and Loss Assessor License

Procedure:

1. Create a user ID, password, and update the profile on www.irdabap.org.in.
2. For technical issues during first-time login, email bap.support@irdai.gov.in.

Eligible Entities:

1. Companies incorporated under the Companies Act, 2013.
2. Limited Liability Partnerships (LLPs) incorporated under the Limited Liability Partnership Act, 2008.

Requirements:

1. At least two licensed surveyors must be directors/partners of the applying entity.
2. The company/LLP must be specifically incorporated for the purpose of working as a surveyor and loss assessor, and its name must include ‘Surveyor and Loss Assessor’.
3. The main objective of the entity should be to carry out surveys, loss assessments, and related tasks within India.
4. Only one license per entity is allowed.

Application:

1. Apply online using FORM-3AF on www.irdabap.org.in, ensuring all details are complete.
2. Pay a fee of Rs. 5000/-.
3. The license, once granted, is valid for 3 years unless canceled earlier.

Renewal of Corporate Surveyor and Loss Assessor License

Eligible Entities:

1. Companies incorporated under the Companies Act, 2013.
2. LLPs incorporated under the Limited Liability Partnership Act, 2008.
3. Partnership firms formed under the Indian Partnership Act, 1932 (eligible for renewal only, not fresh licenses).

Application:

1. Apply for renewal using FORM-IRDAI-6-AF online on www.irdabap.org.in, ensuring the application is complete.
2. Submit the application at least 30 days before the license expires.
3. Pay the renewal fee of Rs. 5000/- (additional penalties apply for late submissions).

Modification of Corporate Surveyor and Loss Assessor License

Procedure:

1. Apply for modifications due to resignation, death, suspension of directors/partners, change in shareholding pattern, or other material changes using FORM-IRDAI-18-AF online on www.irdabap.org.in.
2. Submit the application within 15 days of the change.
3. Surrender the original license if it was issued as a hard copy.

No fee is required for modifications.

These comprehensive guidelines ensure that surveyors and loss assessors maintain professional standards and comply with regulatory requirements, enhancing their service delivery to the insurance sector.