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

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