Renewal Process of Insurance Surveyor License

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Renewal Process of Insurance Surveyor License

What is an Insurance Surveyor?

An Insurance Surveyor and Loss Assessor is an Insurance Intermediary operating in the financial sector. The IRDAI, or the Insurance Regulatory and Development Authority of India, issues the Surveyor permit to eligible businesses for the following purposes:

• Investigation
• Management
• Quantification
• Validation
• Loss Assessment

These can arise from contingency on behalf of the Insurer and the Insured. He is designated to carry out his work with competence, objectivity, and professional integrity. He must submit himself to the code of conduct stipulated as per the IRDAI’s Regulations.

Laws governing the behaviour of an Insurance Surveyor in the Market

The following are the sections as well as requisite regulations for the registration, operations, renewals, and maintenance of Surveyors & Loss Assessors Firm in India:

• Section 64UM of the Insurance Act of 1938
• IRDAI Regulations of Surveyors & Loss Assessors notified in 2015
• IRDAI Amendment Regulations of Surveyors & Loss Assessors notified in 2017
• IRDAI Amendment Regulations of Surveyors & Loss Assessors notified in 2020

Functions of a registered Insurance Surveyor

We have enlisted the functions of an Insurance Surveyor in the Market as per the stipulations of the IRDAI in the following points, so read carefully:

• Every Surveyor and Loss Assessor must investigate, manage, quantify, validate and deal with losses arising from any kind of contingency
• The Surveyor must estimate and determine the quantum as well as the description of the made a claim and the Insurer under loss
• Surveyor is also expected to conduct an inspection of the property in question suffering a loss
• A Surveyor Registration is also expected to conduct spot and final surveys when necessary
• Surveyor must also comment upon the franchise under Insurance
• A Surveyor in Insurance must also advise Insurer as well as the Insured about the following:
  • Loss Minimization
  • Loss Control
  • Security
  • Safety Measures

Process of Insurance Surveyor registration

We have elaborated on the defining steps in the process of Insurance Registration in India:

Enrol at the official website

• The Surveyor applicant must enrol at the official website irdabap.org.in. Thereafter, he must create the requisite user ID as well as the password
• Then, the applicant must submit an Enrollment Application with the IRDAI. He must supplement the application with the required documents on the BAP portal.

Appear for and Pass the Surveyor Examination

Once the IRDAI approves the Enrollment Application and the prospective candidate’s name is on the list of eligible candidates for the III Surveyor Examination, he can register for the tests.

Appear for the requisite Training

After clearing the exam in his choice of business, the applicant must begin training at the Surveyor / Institutional Training as selected at the time of his examination enrollment.

Apply for the Fresh Surveyor License with the IRDAI

After training completion, the Surveyor applicant must submit the registration application for Surveyor License, supplementing it with the required documents on the BAP portal.

Renewing Insurance Surveyor permit with the IRDAI 

Any Registered Insurance Surveyor can apply for the License Renewal on the official IRDA License Portal www.irdabap.org.in. The validity of an Insurance Surveyor license can be renewed every three years.

Period for Renewal Application filing

Before License Expiry:

Insurance Surveyors can submit the renewal application 90 days before the license expiry date. The Authority can penalize the Surveyor with a late fee of a hundred rupees. This excludes a thousand rupees amount as a renewal fee.

After License Expiry:

The renewal applicability of the Surveyor License is 30 days before of surveyor license expiry. After the license expiry, a late fee of Rs. 750/- will be levied on the ex-Surveyor. He can apply for the renewal procedure six months after the license expiry date.

Renewal Procedure

1. Log in to your official account on the official portal
2. Submit the last three years' Form 12 to the Registrar
3. Initiate renewal application with the Authority in the Form 5AF
4. Upload the following documents:
   1. ID Proof
   2. Address Proof
   3. IIISLA Membership Certificate
   4. Surveyor’s Qualification Certificate
   5. FORM 20 AF, for Fit and Proper statement of the Company Personnel
   6. Partner/Director Affidavit
   7. Passport Size Photo
5. Pay the license renewal processing fee
6. Submit the application to the Authority

To learn more about the Insurance Surveyor and its licensing procedure, connect with the IRDAI experts at Registrationwala.

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