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What are Insurance Surveyors? Well, if you are acquainted with the Insurance Industry of India, you must be aware of the intermediaries operating along with the policy seekers, Insurance & Reinsurance Companies, such as an Insurance Broker or an Insurance Agent. Such intermediaries are essential for insurance policy facilitation to the needful consumers.
They aid in the expansion as well as regularization of the Insurance Sector of India. The initiative for Universal Insurance Coverage in India is seen as an essential cog for realizing the dream of financial inclusion of India. Therefore, such Insurance Intermediaries are essential for a healthy economy. One such Intermediary is Insurance Surveyor. But what does such entity surveys and assesses and how does one become an Insurance Surveyor in India? Let us seek such answers in the following section.
An Insurance Surveyor, or simply an Insurance Surveyor is an Insurance Intermediary licensed by the Insurance Regulating Authority, i.e., the IRDAI to investigate, manage, quantify, validate and deal with incurred claim losses by the Insurance Companies arising from a contingency of either Insurer or Insured (policy consumers). He or she is also responsible for reporting and carrying out his work with competence, objectivity and professional integrity with strict conformance to the IRDAI’s Code of Conduct stipulated as per the the relevant laws and regulations.
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To begin your business as a Insurance Surveyor in India, the interested Businesses must get the Insurance Surveyor registration certificate from the IRDAI. For this, the business must file the Surveyor Registration application with the IRDAI.
The following are the relevant sections as well as regulations dealing with every aspects of Insurance Surveyor and Loss assessor in India:
The IRDAI mandates the following functionalities for every Insurance Surveyor Registration certificate holder in India:
There are majorly four stages to surpass to become a Licensed Insurance Surveyor in India. We have detailed the requisite steps for your reference in the following sub-sections:
The Surveyor applicant must first log on to the IRDA BAP portal and create their own user ID and password. Then, the applicant must apply for and submit the Enrolment Application along with the requisite documents with IRDAI.
If the IRDAI approves the Enrolment Application and registers the name of the applicant in the list of eligible candidates for III Exam, thereafter the applicant can register for the III Surveyor Examination.
The Surveyor applicant, after clearing the III examination in his selected business line, must begin requisite training in the mode selected by him or her at the enrollment time. The IRDAI permits the enrolment in any one of the following ways:
On successful completion of training, the Surveyor Applicant must submit the Fresh Surveyor License application along with the requisite documents with IRDAI on its BAP portal.
Post-submission, the application goes under scrutiny to check the authenticity of the submitted details and documentation. On successful verification, the IRDAI issues the Certificate of Incorporation to the application Surveyor.
Thereafter, the newly registered Insurance Surveyor can begin his surveying and assessment operations in the market.
Yes, it can happen. The licensed Insurance Surveyor must file the modification application on the official IRDA portal www.irdabap.org.in The Licensed Surveyor can apply for their surveyor license modification for any fo the following:
To apply for modification, login to your registered account on the BAP portal, and fill out the modification application by uploading the any fo the following support documentation.
Documents Submission for Application for Additional Department
Documents Submission for Change in Address
Documents Submission for Name Correction
In each of the case, the licensed Insurance Surveyor must surrender the ORIGINAL license to the Surveyor Department of the IRDAI’s Delhi Office.
For issue of duplicate Surveyor License, the Surveyor must submit a copy of Police report for loss of license and pay an online fee of five rupees.
For more on Insurance Surveyors Registration procedure, refer to our service page, or connect with our Surveyor Consultants.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
