Motor Insurance Surveyor Registration Process in India

  • December 28, 2022
  • Dushyant Sharma
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When your bike or car suffer from any loss or damage because of an accident. You go to claim the insurance for your car. The insurance company send a person to analyse the damage and make a report of it. This person is called a motor surveyor, he analyse the extensive damage and make a report and then send it for claim settlement.

To make the claim process transparent and smooth, the insurance companier hire motor insurance surveyor. In this article, we have detailed the requisite eligibilities and the procedure to become a motor insurance surveyor in India.

Who is a Motor Insurance Surveyor?

A Motor Insurance Surveryor is a person who estimates the damage in your car thorugh the accident, on basis of the report submit by the motor surveyor, the insurance companuy will honor that your claim will approve or not.

Basically, when you encounter any damage in your card then you want to raise a claim against it. And there is a specific process which should be followed to get the claim approved. If your car meets an accident then you have inform your insurance provider and submit all the required documents. Then the company will send a surveyor to check the damage and estimates the amount of claim approval.

Roles and Responsibilities of a Car Insurance Surveyor

The primary responsibility of the car insurance surveyor is to complete the physical verification of the damaged vehicle. Without being bias the motor surveyor has to investigate the damage or loss of the car. Other responsibilities of a motor insurance surveyor are as follows:

Attentional to Detail

The detailed assessment of the vehicle must be done by going the damage spot personally. After analysing the situation of the car and careful examinatio, the surveyor will state the correct reason of the damage. The surveyor ensures that no point or damage or incident will miss out.

Disclose Conflict of Interest

In case, the surveyor is related to the incident or the policyholder then must disclose it to the insurer before the surbey. Any personal relationship with the insured person can lead to neutrality of the surveyor. In this case, any assessment by the surveyor can get rejected or create a conflict of interest. 

Consideration of Depreciation

The car insurance surveyor should suggest the possible depreciation amount to settle the claim. They have to check the amount of depreciation and mention it into the survey report. In case of a salvage or disposal the surveyor can comment on total repair or loss. 

Advice to Prevent Further Damage

A motor insurance surveyor provide advice on the action that can further cause the damage in the car. Also share the safety and security procedures to prevent an issue in the future. For example, not starting the engine of the car in water, otherwise it will get damage.

Eligibility Criteria to become Insurance Surveyor 

Suppose a person or an entity aspires to become an Insurance Surveyor and Loss Assessor in India. In that case, he or she must fulfill the following eligibility criteria as prescribed by the IRDAI:

  • The applicant entity must possess a Degree or Diploma in the relevant engineering field.
  • The applicant entity must be a qualified Chartered accountant in practice.
  • The applicant entity must be a member and an alumnus of the Insurance Institute of India, Mumbai.

If you wish to know the specific eligibility requirements per the State Laws and exceptional legal entities procedure, refer to Schedule I of Annexure 1 of the Insurance Regulatory and Development Authority of India (Insurance Surveyors & Loss Assessors) Regulation of 2015.

Examination of an Insurance Surveyor

If the concerned entity meets all the required qualifications criteria, they can enrol for training at IRDAI's accredited institution. He must then complete a training period of one year under an appointed Senior Insurance Surveyor to appear in the Surveyor.

The surveyor exam is conducted online. The exam has one compulsory subject- Principles of Insurance. Trainee can choose two more subjects depending on his or her qualifications. Every examinee must attain a minimum of sixty percent marks to pass the subjects. Also, the applicant can choose to appear in all the subjects according to their convenience.

On successful completion of the surveyor examination, the applicant can initiate an application for the Insurance Surveyor licence with the IRDAI to provide the requisite services.

When Company Need a  Motor Insurance Surveyor?

The IRDAI puts a financial limit on motor claims. Above such claims, they entrust the Insurance Surveyors. The current set limit is ₹50,000/- and above. Here, anything below this limit is not binding on Insurance Companies to appoint an independent Vehicle Insurance Surveyor. 

But, most high-volume work today is below 50K rupees for minor vehicle accidents. Furthermore, the ₹50K limits are revised every three years, last done in the second half of 2021.

How to Become a Motor Insurance Surveyor?

Vehicle Insurance Surveyors are professionals who take up the job of surveying and loss-assessing accidental vehicles. They are also delegated to assess the loss of the vehicle and conduct necessary verifications about the incident. 

You can be a Vehicle Insurance Surveyor in a Company or apply for the Vehicle Surveyor License from the IRDAI to become an Independent Surveyor. This way, you can earn additional money from Insurance Companies. To become an Independent Motor Insurance Surveyor, follow the points mentioned below:

 

Step 1

Fill an application made in FORM–IRDAI-1- AF. The applicant should make an 

Step 2

Pay a fees of Rs. 1000/- as prescribed by the authority.

Step 3

Fees can be paid online through the following modes: net banking / RTGS/ NEFT/ Demand Draft in favor of IRDAI.

Step 4

Application must confirm to the requirements of the authority.

Step 5

If authority found information not correct or some information is missing, then they ask the applicant to confirm it in the application.

Step 6

Once the authority will get satisfied with the application, then it grant the licen under FORM-IRDAI-4-LF.

 

Conclusion

To conclude, an individual surveyor working as an employee can take the responsibility for conducting assessment for the company. The surveyor act according to the membership. The validity of the surveyor license is three years and it should be renewed online within 30 days before the date of expiry. At Registrationwala, we assist applicants to get the insurance surveyor license. 

 


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Dushyant Sharma
Author: Dushyant Sharma

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.

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