Insurance Surveyor and Loss Assessor Registration in India
Insurance Surveyors and Loss Assessors are service providers associated with the insurance company. At the time of certain insurance claims, if those claims go beyond the defined limit of a certain insurance policy, the insurance company sends an Insurance claim surveyor or loss assessor to determine the damage and check the truth about those claims.
Simply put, an Insurance Surveyor and Loss Assessor survey whether or not an insurance claim is legitimate or not. IRDA License for Surveyor in Insurance and Loss Assessor is required for acting as a surveyor and loss assessor.
Insurance Surveyors and Loss Assessor registration is the authorization given by the IRDA to individuals to act as surveyor and loss assessors. There are two types of registration:
- Individual Surveyors: Given on an individual basis
- Corporate surveyors: Issued to business entities
Duties And Responsibilities Of A Surveyor And Loss Assessor
Every Licensed Surveyor and Loss Assessor must investigate, manage, quantify, validate and deal with losses, whether insured or not, arising from any contingency. The assessed losses must then be reported to the insurer or insured. All Registered licensed Surveyors and Loss Assessors must carry out the said work with competence, objectivity, and professional integrity. Also, they must strictly adhere to the code of conduct as stipulated in these Regulations.
The following are the duties and responsibilities of a Surveyor and Loss Assessor:
- Declare whether he has any interest in the subject matter in question or whether it pertains to any of his relatives, business partners, or through material shareholding.
- Bring to the notice of the Authority any change in the information or particulars furnished at the time of issuance of the license. The changes must be reported within a period not exceeding fifteen days from the date of occurrence.
- Maintain confidentiality and neutrality without jeopardizing the insurer's liability and the insured's claim.
- Conduct inspection and re-inspection of the property in question suffering a loss.
- Examine, inquire, investigate, verify, and check the causes and the circumstances of the loss in question, including the extent of loss, nature of the ownership, and insurable interest.
- Conduct spot and final surveys as and when necessary. Also, comment upon the franchise, excess/under insurance, and other related matters.
- Estimate, measure, and determine the quantum and description of the subject under loss.
- Advise the insurer and the insured about loss minimization, loss control, security, and safety measures, wherever appropriate, to avoid further losses.
- Comment on the claim's admissibility and assess the insurer's liability per the policy terms and conditions.
- Survey and assess the loss on behalf of the insurer or insured.
- Satisfy the queries of the insured or the insurer and persons connected to it in respect of the claim/loss assessed.
- Recommend applicability of depreciation, percentage, and quantum of depreciation.
- Give reasons for repudiation of claim, in case policy terms and conditions do not cover the claim.
- Take expert opinion wherever required.
- Comment on the salvage and its disposal wherever necessary.
- Any licensed Surveyor and Loss Assessor appointed as Director or a Partner of a Company or a Firm seeking Application for grant of Corporate Surveyor license must undertake survey jobs and issue survey reports only in the capacity of Director or Partner of the Applicant Company or the Firm.
A surveyor or loss assessor, whether appointed by the insurer or insured, must submit his report to the insurer as expeditiously as possible but not later than 30 days of his appointment. The report must be submitted along with a copy of the report to the insured giving his comments on the insured's consent or otherwise on the assessment of loss.
In special circumstances, due to its special and complicated nature, the surveyor in insurance can seek an extension not exceeding six months from the insurer to submit his report.
In cases where the Survey report is pending due to non-completion of documents, the surveyor can issue the final survey report independently based on the available documents on record, giving the insured a minimum of three reminders in writing.
Suppose an insurer, on the receipt of a survey report, finds that it is incomplete. In that case, he can ask the surveyor to furnish an additional report on such incomplete issues.
The insurer can make such a request within 15 days of receiving the original survey report. The surveyor, on receipt of this communication, must furnish an additional report within three weeks of the date of receipt of communication from the insurer.
Eligibility Criteria for IRDA Insurance Surveyor and Loss Assessor Registration in India
Insurance Surveyor and Loss Assessor Qualification
Qualification: The qualification required from a surveyor or a loss assessor varies depending upon the types of insurance claims they are hired to handle. Additionally, they must be a "Member of Institute" such as ICAI, ICSI, or IIRM or possess specific technical, academic, professional, and insurance qualifications that make them eligible to apply for Surveyor and Loss Assessor.
Examination: Clearing relevant paper(s) of the Insurance Claim Surveyor and Loss Assessor is important. The Insurance Institute of India conducts the exam.
Training: Surveyor in insurance must go through training specified by IRDA from time to time.
Infrastructure: For registration as a corporate surveyor, the applicant has to be a Company incorporated under the companies act or an LLP incorporated under the Limited Liability Partnership Act.
Appointment of Surveyors and Loss Assessors
- No person or a firm or a company can act as a Loss Assessor and Insurance claim surveyor in insurance sector without getting a license under the regulations of the IRDAI Act.
- Surveyors and Loss Assessors must be appointed either by insurers or insured to assess loss under a policy of insurance in respect of the following:
- Motor insurance – above fifty thousand rupees
- Other than motor insurance – above one lakh rupees
- The above-mentioned limit must be reviewed every three years by the Authority.
- Appointment of a surveyor for loss assessment in insurance must be made within 72 hours from the time the loss was known to the insurer or insured. Notice of such appointment must be sent to the insurer or insured in writing. Also, the notice must form part of the claims settlement process.
A Surveyor and Loss Assessor in an Insurance Company must assess losses of only those departments specified in its license.
Documents Required for IRDA Insurance Surveyor and Loss Assessor Registration in India
Document required for Surveyor and Loss Assessor certificate
- Certificate of Incorporation, MOA, AOA/ LLP Agreement (In case of corporate surveyor application)
- Application in the Form as may be specified, duly complete in all respects
- Recent passport size photo
- PAN card
- Address Proof
- Proof of Qualification
- Marks sheet in support of having passed the Surveyor and Loss Assessor Examination and Training completion certificate
- Declaration-cum-Undertaking in the Format as specified by the Authority
- Membership Certificate issued by the Institute
- Fit and Proper statement in the Format as specified by the Authority
- Evidence of fee payment as specified
- Any other document/information that the Authority may require from time to time
- Every Registered licensed Surveyor and Loss Assessor must submit a declaration stating that they will file any changes in the information submitted to the Authority within 15 days of such change. After filing, they will apply for the grant of a modified license. The license issued by the Authority must be surrendered at the time of Application for grant of modified license.
- Every licensed Surveyor and Loss Assessor must submit such information as required by the Authority from time to time.
- The applicant must pay the non-refundable processing fees as specified under the Act's regulations.
Process for IRDA Insurance Surveyor and Loss Assessor Registration in India
The Registration process of the IRDA Licensed Surveyor and Loss Assessor with the IRDA for acting as exclusively insurance intermediaries is as follows:
- Preparation of Documents
- Application filing
- Assessment by the IRDA
- Grant of IRDA Surveyor and Loss Assessor Registration.
The Authority will grant the license online in the Form IRDAI-2-LF given in the Regulations mentioning membership number and the particular class or department or subject of general insurance business, namely, fire, engineering, marine cargo, marine hull, loss of profit, motor, crop and miscellaneous. The physical copy of the license will be issued only on request.
Inspection of the Surveyor License
- The Authority can appoint one or more persons as inspecting Authority to undertake inspection of survey work, books, records, and documents. Also, the inspecting Authority can investigate any bonafide complaint received against the Surveyor and Loss Assessor.
- The inspecting Authority must submit an inspection report to the Authority as soon as possible.
- A Surveyor and Loss Assessor must provide the information sought by the inspecting Authority to carry out the investigation and extend all possible co-operation to facilitate its work.
- After consideration of the inspection report, the Authority must communicate the findings of the inspecting Authority to the Surveyor and Loss Assessor. They must also take appropriate action after giving the Surveyor and Loss Assessor a reasonable opportunity of being heard.
Create a Duplicate Surveyor License
- A person to whom a license has been issued or renewed must, in case the license is lost, destroyed, or mutilated, make an application to the Authority requesting for issuance of a duplicate, along with a fee as specified by the Authority.
- The Application must contain full license particulars and how the loss/destruction or mutilation has occurred. Also, the Application must accompany the mutilated pieces in possession of the person making the Application.
- The Authority, on being satisfied, will issue a duplicate license.
- The duplicate license so issued can remain in force for the remainder of the period of the license's validity unless cancelled earlier. Also, the duplicate license must be an endorsement that it is a duplicate.
Application for Modifications in the Surveyor License
The application for the modification of the surveyor license must be submitted to the IRDA BAP portal. Anyone who holds a valid license can apply for modification on the individual surveyor license for the correction of name, address change, incorporation of sole proprietary firm name, and grant of additional departments.
- Log into the website. On the modification/upgrading screen, select Present Address or Name. Your present address or name will be displayed on the screen.
- Change the address and relevant field.
- Submit the document proof of new address and name.
- Select the declaration checkbox.
- Click Submit. The User Confirmation Message dialog box will display.
- Click on Yes to submit the form. An acknowledgement dialogue box will appear and show a Unique Reference Number (URN). Lastly, click OK.
Documents Required for Modification Application
Change of address in the license - valid address proof such as an Aadhaar Card, bank passbook, post-paid bill, rashan card/ passport/ rent agreement, electricity and water bill or any other utility bill. Surrender the original license to the Surveyor department.
Correction of Name in license – gazette notification for name change/correction with valid I.D proof PAN card, Adhaar card, voter card. Surrender the original license to the Surveyor department.
Become an Insurance Surveyor and Loss Assessor
Our experts provide you end to end IRDA Surveyor and Loss Assessor services that entail:
- Application filing
- Department follow up
- Removal of any issue during the procedure
You need a loss assessor to determine the truthfulness of any claims. You can start verifying it today by taking a step towards licensed surveyor registration.
Frequently Asked Questions :-
Q.1 Can I modify my surveyor license to change my name and address?
Yes, you can change the name and address if you hold a valid surveyor license.
Q.2 What is the meaning of a lapsed surveyor license?
A lapsed surveyor license is the license which is not renewed within the prescribed time limit of 6 months from the date of expiry of license. This surveyors application should be treated as fresh application
Q.3 What is the Validity of insurance surveyor license?
The granted insurance surveyor license will be valid for a period of 3 years.
Q.4 When a license grant application gets rejected?
The application for grant of the license can be rejected on the following grounds:
- In case the applicant does not confirm with the provisions of the Act and its Regulations.
- In case the Authority believes that the license grant is not in the interest of the policyholders. But before rejecting any such application, the applicant must be given a reasonable opportunity of being heard.
Q.5 What to do When Application gets Rejected?
- The rejection of the Application must be communicated to the applicant within thirty days of such rejection, stating the grounds for rejection.
- Any applicant aggrieved by the decision of the Authority can appeal to Securities Appellate Tribunal within forty-five days from the date on which he receives a copy of the order.