Publication Details:
- Date: November 24, 2020
- Published by: Insurance Regulatory and Development Authority of India (IRDAI)
Key Amendments and Provisions:
- 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.
- 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.
- 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.
- 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.
- Eligibility Criteria:
- Corporate Surveyors:
- At least two directors/partners must be licensed Surveyors and Loss Assessors.
- Specific requirements for application and documentation.
- Fee Structure:
- Non-refundable processing fees for individual and corporate licenses.
- Additional fees for late renewal applications and penalties for delayed submissions.
- 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.
- 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.
- 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.
- Voluntary Surrender of License:
- Process for Surveyors and Loss Assessors to apply for surrendering their licenses, including required documentation and declarations.
- Transitory Provisions:
- Qualifications specified in the regulations are prospective and applicable to new applicants post-notification.
- Power to Frame Guidelines:
- The Authority may issue guidelines on training, forms, fee payment, and other procedural requirements.
- 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.
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