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Surveyor and loss assessor

Surveyor and loss assessor

Surveyors are professionals who assess the loss or damage and serve as a link between the insurer and the insured. As per Insurance Act all the claims above Rs.20000/- must be surveyed by an independent professional. The Insurance Companies on receipt of any claims appoints the surveyor to assess the loss and submit a report quantifying the claim payable under the policy.

Who can become Insurance Surveyor?

The eligibility criteria for joining this profession are as follows –

1. Fellowship or Associate ship of the Institute of Insurance Surveyors and Adjustors (IISA), Mumbai.

2. Fellowship or Associate ship of the Institute of Chartered accountants or Cost and Works Accountants.

3. A degree or diploma in architecture from a recognized university or institute.

4. A degree or diploma from a recognized institute of engineering.

5. A degree or diploma in Naval Architecture.

6. Possesses such other technical qualifications as may be specified by the regulations made by the authority.

Procedure of license for Surveyor & Loss Assessor

Any person wishing to become a surveyor must pass a IRDA exam, get training for one year under a A or B category surveyor for one year and get himself categorized as per IRDA norms. There are 3 categories of surveyor A,B,C. The categories are being awarded by IRDA depending upon the experience. A surveyor can work with any number of insurance companies.

(1) Every person who is an individual and intending to act as a surveyor and loss assessor in respect of general insurance business shall apply to the IRDA for grant of licence in FORM-IRDA-1-AF

(2) Where the applicant is a company or firm (in FORM-IRDA-3-AF), the IRDA shall be satisfied that all the directors or partners, as the case may be, possess one or more of the qualifications specified in section 64UM(1)D(i) of the Act and none of such directors or partners, as the case may be, suffers from any of the disqualifications mentioned in section 42 D of the Act read with Section 42(4) of the Act.

(3) The IRDA shall, before granting license, take into consideration all matters relating to the duties, responsibilities and functions of surveyor and loss assessor and satisfy itself that the applicant is a fit and proper person to be granted a license. In particular and without prejudice to the foregoing, the IRDA shall satisfy itself that the applicant, in addition to submitting the application complete in all respects:-

(a) Satisfies all the applicable requirements of section 64UM read with section 42D of the Insurance Act, 1938 and rule 56A of the Insurance Rules, 1939.

(b) Possesses such additional technical qualifications as may be specified by the IRDA from time to time.

(c) Has furnished evidence of payment of fees for grant of license, depending upon the categorization.

(d) Has undergone a period of practical training, not exceeding 12 months, as contained in Chapter VII of these regulations.

(e) Furnishes such additional information as may be required by the IRDA from time to time.

(4) The IRDA on being satisfied that the applicant is eligible for grant of license, shall grant the same in FORM-IRDA-2-LF as given in the Schedule to these regulations and send an intimation to the applicant together with an identity card mentioning the particular class or category of general insurance business namely, fire, marine cargo, marine hull, engineering, motor, miscellaneous and loss of profit for which the IRDA has granted license and the license shall remain valid for a period of five years from the date of issue thereof, unless cancelled earlier.

(5) A surveyor and loss assessor, whose license has been cancelled or suspended for any reason, may submit an application for issuance of license, after the expiry of three years from the date of such cancellation or suspension, and, such an application shall be treated as a fresh case, and, accordingly, the applicant shall satisfy all the requirements of sub-regulation (2).

(6) A surveyor and loss assessor shall be subject to categorisation as specified in Chapter V of these regulations.

(7) A license issued, before the commencement of these regulations, by the Controller of Insurance or his authorised representative shall be deemed to have been issued in accordance with these regulations.

Surveyor and loss assessor

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