IRDAI – Insurance Surveyor and Loss Assessor Regulations 2015

Publication Details:

• Date: November 3, 2015
• Published by: Insurance Regulatory and Development Authority of India (IRDAI)

Key Provisions:

1. Title and Commencement:
   • These regulations are known as the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015.
   • Effective upon publication in the official Gazette and applicable to all licensed surveyors and loss assessors.
2. Definitions:
   • Definitions include terms like “applicant,” “Authority,” “associate member,” “corporate surveyor,” “designated person,” “fellow member,” “institution,” “IRDA Act,” “licensed member,” “member,” “student member,” etc.
3. Licensing Process:
   • Individuals aspiring to become surveyors and loss assessors must apply in the specified form (Form-IRDAI-1-AF).
   • Applicants must meet educational, technical, and professional qualifications specified in Schedule I.
   • Practical training for at least 12 months and passing the relevant examination are mandatory.
4. Corporate Surveyors:
   • Corporate surveyors must have at least two directors/partners who are licensed surveyors.
   • Detailed documentation and compliance requirements for corporate surveyors are outlined.
5. Fee Structure:
   • The application fee for a new license is INR 1,000 plus applicable service tax.
6. Renewal of License:
   • Renewal applications must be submitted online at least 30 days before the license expiration.
   • A renewal fee of INR 100 and applicable service tax is required.
7. Duties and Responsibilities:
   • Surveyors and loss assessors are responsible for assessing claims and reporting to the insurer, adhering to the code of conduct.
8. Categorization of Surveyors:
   • Surveyors are categorized based on their experience and qualifications into associate members and fellow members.
9. Code of Conduct:
   • Ethical guidelines and professional conduct standards are detailed for surveyors.
10. Training and Development:

• Continuous professional development through training, seminars, and workshops is encouraged.

Insurance Regulatory and Development Authority of India (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. Objective:
   • To amend the 2015 regulations to provide an enabling environment for surveyors and loss assessors, ensuring efficient and professional service delivery.
2. Definitions:
   • Revisions to definitions include updated terms for “approved institution,” “corporate surveyor,” “examination,” and “training.”
3. Licensing Process:
   • Updated eligibility criteria for surveyors, including academic, technical, professional, and insurance qualifications.
   • Detailed requirements for examination and practical training.
4. Corporate Surveyors:
   • Corporate surveyors must maintain at least two licensed directors/partners.
   • Revised documentation and compliance requirements for corporate surveyors.
5. Fee Structure:
   • Non-refundable processing fee: INR 1,000 for individual licenses and INR 5,000 for corporate licenses.
6. Renewal of License:
   • Renewal applications must be submitted online at least 30 days before expiration.
   • Additional fees for late applications and penalties for delayed submissions are specified.
7. Duties and Responsibilities:
   • Emphasis on ethical conduct, claim assessment, and reporting.
   • Licensed surveyors must undertake survey jobs in their capacity as directors/partners of their firms.
8. Voluntary Surrender of License:
   • Process for surrendering licenses includes necessary documentation and declarations.
9. Reporting Requirements:
   • Insurers must have a board-approved surveyor management policy.
   • Regular monitoring and reporting on surveyor performance and compliance are mandatory.
10. 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.

Conclusion:

The 2015 regulations set the foundational framework for the licensing and conduct of insurance surveyors and loss assessors in India. The 2020 amendments enhance these regulations by updating eligibility criteria, streamlining processes, and emphasizing ethical conduct and professional development. These changes aim to ensure that surveyors and loss assessors provide efficient, professional, and compliant services to the insurance industry and policyholders.

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