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