IRDAI's Guidelines for an Insurance Surveyor and Loss Assessor

  • April 10, 2023
  • Dushyant Sharma
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An Insurance Surveyor and Loss Assessor is an entity in the insurance market that assesses the insurance policyholders' insurance claims upon their maturity or requirement. The insurance companies hire the Surveyor and Loss Assessor to check the legitimacy of the insurance claim, i.e., check whether the claim is valid or fraudulent. After the assessment, the Insurance Loss Assessor submits the claim report to the insurance company to determine whether the amount needs to be paid or reimbursed to the customers.

In this article, we have discussed the guidelines issued by the IRDAI for compliance by the Assessor post Surveyor Registration. You can refer to our website Registrationwala, the all-Indian Legal Consultancy Firm, to learn how to apply for an Insurance Surveyor Licence. 

IRDAI's Guidelines

Surveyor and Loss Assessor: Worth Ethics

A Surveyor in Insurance must behave ethically and with integrity in professional pursuits. An Assessor's integrity must imply not merely honesty but fair dealing and truthfulness. Also, an Insurance Surveyor and Assessor must strive for objectivity in professional and business judgment.

Maintain Impartiality

An Insurance Surveyor must act impartially on instructions from an insurer about a policy holder's claim under a policy issued by that insurer. Also, the Surveyor must conduct himself with courtesy and consideration to all people he contacts during his work.

Skills and Expertise

An Insurance Loss Assessor must carry out his professional work with due diligence, care skills, and proper regard for his technical and professional standards. The Surveyor in Insurance must keep himself updated with all developments relevant to his professional practice.

Surveyor and Loss Assessor: Record Keeping

An Insurance Surveyor must maintain a proper work record and comply with all relevant laws. It must maintain a register of survey work as specified in FORM-IRDAI-11, containing the relevant information, such as the following:

  • Details of the Insured
  • Details of the Insurer
  • Insurance Policy Number
  • Date of allocation of Survey Work
  • Date of submission of the Survey Report
  • Amount of claims assessed
  • Processing fee details 

The Insurance Surveyor must keep important records of the survey reports, photographs, as well as other important documents for three years. Then, he must furnish the same and other specified returns as and when called for by the Authority, any investigating authority, or the insurer. However, in case of litigation involving the above information/ records/ documents/ photographs, etc., the Surveyor shall maintain the same till the conclusion of the litigation.

Singularity in the Work Domain

The Surveyor in Insurance must work only as Surveyor and Loss Assessor in the insurance business. They must not undertake any business advisory, consultancy service, or work that could give rise to a conflict of interest.

Surveyor and Loss Assessor: Fee and Remunerations

An Insurance Surveyor and Loss Assessor must acknowledge receipt of all monies received with fees or remuneration for the survey work.

Appointment Disclosure

An Insurance Surveyor and Loss Assessor must disclose to all parties concerned his appointment. The disclosure must state the acceptance or continuance of such an engagement. Such engagement can materially prejudice or affect any interested party's interests. As soon as a conflict of interest is foreseen, every Surveyor must notify all interested parties immediately. They must also seek instructions for his continuance.

Code of Ethics for Surveyors

Every Insurer Surveyor and Assessor employee must, above all, only survey and assess the loss. So, they must not involve themselves in the claim settlement process. Also, an Insurance Surveyor must comply with the provisions of AOA, regulations, and the Code of Ethics framed by the IRDAI.

IRDA's Compliances

An Insurance Surveyor and Assessor must comply with all the provisions of the Act such as the IRDA Act, the Rules and Regulations, and other orders, directions, and guidelines the Authority issued.

 

 


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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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