All About Insurance Surveyors and Loss Assessors Registration

Insurance Surveyors and Loss Assessors Registration

Insurance Surveyors and Loss Assessors play a critical role in the insurance industry by assessing and evaluating the extent of damage or loss to insured properties and assets. They provide accurate and impartial assessments that help insurance companies determine the appropriate compensation to policyholders. To operate legally and effectively in this role, individuals must undergo a registration process with the relevant regulatory authority.

What is Insurance Surveyors and Loss Assessors License?

An Insurance Surveyor and Loss Assessor License is an official authorization granted by a regulatory authority, such as the Insurance Regulatory and Development Authority of India (IRDAI), to individuals or companies, allowing them to operate as qualified professionals in the insurance industry. Insurance and loss surveyors are crucial in assessing and evaluating insurance claims and losses, particularly damage, accidents, or other covered events.

The license signifies that the holder has met specific eligibility criteria, including educational qualifications, professional expertise, and training, and demonstrated the competence and integrity required to carry out their responsibilities objectively and under regulatory standards. This license empowers them to perform tasks such as inspecting and assessing damages, estimating losses, preparing detailed reports, and facilitating fair and accurate claim settlements for insurers and policyholders.

Role and Responsibilities:

Insurance Surveyors and Loss Assessors are responsible for conducting thorough investigations into insurance claims. Their duties include:

Inspection: Visiting the site of the insured property to assess the extent of damage or loss and gathering relevant information and evidence.
Documentation: Preparing detailed reports that include information about the cause and extent of the damage, estimated repair costs, and other pertinent details.
Estimation: Calculating the financial value of the damage or loss, considering factors such as depreciation, replacement costs, and market values.
Verification: Ensuring that the claim is valid and by the terms and conditions of the insurance policy.
Negotiation: Communicating with policyholders, insurance companies, and other stakeholders to facilitate fair and accurate claim settlements.

Who is Eligible to Apply for IRDA Insurance Surveyor and Loss Assessor Registration in India?

Individuals or entities seeking IRDA Insurance Surveyor and Loss Assessor Registration must meet the following criteria:

Membership in Recognized Institutes: The applicant, whether an individual or a company, should be a member of recognized institutes such as ICSI, ICAI, or IIRM.
Educational and Professional Qualifications: The applicant must possess appropriate academic, professional, and insurance-related qualifications.
Successful Completion of Insurance Company Examination: A successful clearance of the requisite insurance company examination is mandatory.
Completion of Recommended Training: The applicant must have undergone the necessary training as IRDA prescribes.

Regulations Governing the Selection of Surveyors and Loss Assessors

It is imperative that no individual or entity can assume the role of a Surveyor and Loss Assessor unless they possess a valid IRDA license.

Surveyors and Loss Assessors are exclusively authorized to collaborate with insurers or the insured for evaluating losses under a specific insurance policy, as outlined below:

Motor insurance – losses exceeding Rs 50,000
Non-motor insurance – losses surpassing Rs 10,00,000

The stipulated limits shall undergo periodic review every three years.

The designation of a surveyor to appraise losses must occur within 72 hours from the point of the insurer’s or insured’s awareness of the loss. This appointment must be formally notified to the insurer or insured party.

Responsibilities of Surveyors and Loss Assessors

Licensed Surveyors and Loss Assessors are responsible for inspecting, overseeing, validating, estimating, and managing losses resulting from various contingencies.

The resulting loss assessment report must be communicated to the insurer or the insured party. All Surveyors and Loss Assessors must conduct assessments impartially and under established regulatory standards.

The following outlines the duties and commitments of Surveyors and Loss Assessors:

Disclosure of Interest: Any form of interest in the subject matter, whether official or unofficial, must be declared.
Reporting Changes: Promptly inform the relevant authority about any modifications to the provided information after the license issuance. These changes must be communicated within 15 days of the occurrence.
Neutrality and Confidentiality: Maintain an impartial stance and uphold confidentiality without compromising the insurer’s accountability or the insured party’s claim.
Property Evaluation: Conduct thorough vetting and re-vetting of the involved property in the event of a loss.
Investigative Role: Investigate, assess, and inquire into the root causes of the loss, encompassing loss thresholds, ownership issues, and insurable interests.
Surveys and Assessments: Conduct on-the-spot and final surveys whenever necessary. Offer insights on franchise, excess/under insurance, and other relevant subjects.
Loss Quantification: Determine and estimate the extent of loss experienced by a given subject.
Loss Mitigation: Guide the insurer and insured to minimise losses, implement loss prevention measures, and enhance safety precautions to prevent future losses.
Claim Evaluation: Provide feedback on the admissibility of claims and assess the insurer’s liability based on policy guidelines.
Loss Assessment: Undertake surveys and loss assessments on behalf of either the insurance company or the insured party.
Addressing Queries: Address inquiries from both the insured and the insurer.
Depreciation Details: Furnish information regarding percentages, depreciation, and depreciation rates.
Claim Rejection Explanation: In cases where the policy does not cover the claim, elucidate the reasons for claim repudiation.
Expert Consultation: Collaborate with subject matter experts as needed.
Salvage Considerations: Offer insights on salvage matters and their appropriate disposal.

The role of Surveyors and Loss Assessors entails a comprehensive array of responsibilities aimed at ensuring fairness, accuracy, and transparency within the insurance claims assessment process.

Who Controls Insurance Surveyors and Loss Assessors Licence?

The oversight of the Insurance Surveyors and Loss Assessors License is primarily under the jurisdiction of the IRDAI. This license’s legal framework draws from the Insurance Regulatory and Development Act of 1999 and the Insurance Act 1938. The specific guidelines and provisions concerning Insurance Surveyors and Loss Assessors are outlined in the Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations of 2015.

Obligations for Reporting by a Surveyor or Loss Assessor

A surveyor or loss assessor must promptly share their assessment report with the relevant party (specifically within 30 days from the appointment date).
The report should be provided to the insured along with a copy of the report, delivering this feedback based on the insured’s consent or, if applicable, the assessment of the loss.
In exceptional cases where the complexity of the situation warrants, the surveyor can request an extension of up to six months from the insurer to submit their report.
If specific documentation is pending and causing a delay in the survey, the surveyor can furnish the final report based on the available documents, ensuring the insured is reminded a minimum of three times.
For instance, if an insurer identifies that a survey report is incomplete, they can request the surveyor to provide additional reports on unresolved matters. However, this request must be made within 15 days of receiving the initial survey report. Similarly, once prompted by the insurer, the surveyor must provide the additional report within three weeks of receiving the notification.

Documents Needed for Applying for IRDA Insurance Surveyor and Loss Assessor Registration in India

When applying for IRDA Insurance Surveyor and Loss Assessor Registration in India, the following documents are required:

Company registration and constitutional documents
Completed application form
Declaration in the specified format
Evidence of fee payment
Fit and Proper statements as per the prescribed format
Marksheets related to the Surveyor and Loss Assessor Examination
Membership Certificate issued by the relevant Institute
PAN card and Address Proof
Proof of qualifications
Recent passport-sized photographs

Required Disclosures by the Applicant

Each registered surveyor and loss assessor must declare any changes within 15 days of their occurrence. In case of applying for a modified license, the licensee must surrender the current license.
Registered surveyors and loss assessors are responsible for sharing information as directed by the regulatory authority.
Applicants are also responsible for covering the processing costs or fees under the prevailing regulatory provisions.

Securing Registration as an Insurance Surveyor and Loss Assessor

The process of obtaining registration as an insurance surveyor and loss assessor involves the following steps:

Organizing Documentation
Gather and arrange all necessary paperwork and documents.
Submission of Application
Apply for registration.
Application Review by IRDA
The IRDA will review and evaluate your application.
License Approval
Upon successful review, the license will be granted as IRDAI-2-LF.

What Factors May Lead to Application Rejection?

The application for a license could be declined due to the following factors:

Non-Compliance with Regulations: If the applicant does not adhere to the established regulations and requirements.

Potential Harm to Policyholders: If granting the license is deemed likely to harm the interests of policyholders. However, the authority will allow the licensee to present their case before taking such action.

Communication of Decision: The administration will inform the applicant of the cancellation decision and provide the reasons within a 30-day timeframe per legal requirements.

Appeal Process: Applicants dissatisfied with the authority’s decision can appeal to the Securities Appellate Tribunal within 45 days of accepting the order if they believe it to be incorrect or unjust.

Applying for a Duplicate License in Case of Loss or Damage

In the event of losing or damaging the license, the licensee can request a duplicate license by following these steps:

Complete the Prescribed Application: Fill out the designated application form provided by the authority.

Submit the Required Fee: Accompany the application with the necessary fee as specified.

Provide Details and Reason: Include all relevant details in the application, including a clear explanation for the loss or damage of the original license.

Attach Damaged License (If Possible): Attach the damaged license to the application if feasible.

Application Vetting: The authority will review and verify the application before proceeding.

Issuance of Duplicate License: The authority will issue a duplicate license upon approval.

It’s important to note that the duplicate license is not an original and will be valid for the remaining period of the original license.

Insurance Surveyors and Loss Assessors Licence Renewal in India

Renewing Insurance Surveyors’ and Loss assessors’ Licenses in India involves online application submission for individual and corporate licenses.
Initiate renewal at least 30 days before the license expiration date.
Individual renewal requires FORM-IRDAI-5-AF, while corporate renewal uses FORM-IRDAI-6-AF.
Pay a renewal fee of Rs. 100/- to the authority.
In undue hardships or circumstances beyond control, the authority may accept applications up to six months after expiry.
If the application meets the requirements, the authority will renew the insurance surveyor and loss assessor license.

Documents needed for renewing a corporate Insurance Surveyors and Loss Assessors Licence include:

Completed Form-IRDAI-6-AF application.
Recent photos of directors/partners.
Copies of Surveyor and Loss Assessor licenses and Membership details of directors/partners.
Certificate of Incorporation issued by Registrar of Companies for companies.
Partnership Deed signed by all partners for firms.
Memorandum and Articles of Association of the company.
Form DIR-12 filed with Registrar of Companies.
Form INC-22/23 filed with Registrar of Companies.
Form 20B/Form SH7 filed with Registrar of Companies.
Tax Deduction and Collection Account Number (TAN) copy.
Proof of qualification for directors/partners.
PAN Card and Address Proof of directors/partners.
Affidavit of Form-IRDAI-6-AF.
Self-addressed envelope (4.5″x10″) with Rs.40 postage stamp.
Work Performance of the company/firm for the past three financial years (Form – IRDAI – 12).
Demand Draft if DD pays the fee.
RTGS/NEFT payment details, if paid through RTGS/NEFT.
Any other documents or information required by the authority.
Fit and proper statement.

Why approach Kanakkupillai for Insurance Surveyor and Loss Assessor Registration?

Choosing Kanakkupillai for your Insurance Surveyor and Loss Assessor Registration provides a seamless and efficient path to navigate the complexities of the registration process. With a team of expert specialists well-versed in insurance regulations, Kanakkupillai offers tailored solutions to meet your unique business needs. Their expertise ensures accurate and timely submission of documentation, compliance with regulatory norms, and effective communication with authorities. By entrusting your registration to Kanakkupillai, you not only save valuable time and effort but also gain peace of mind knowing that your application is in capable hands, allowing you to focus on other critical aspects of your business.