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Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Who is a Surveyor and the Regulatory Framework for Obtaining a Surveyor License?
Who is a Surveyor and the Regulatory Framework for Obtaining a Surveyor License?
Understanding the Role of a Surveyor and Loss Assessor
A surveyor and loss assessor is a specialized insurance intermediary licensed by the Insurance Regulatory and Development Authority of India (IRDAI). These professionals are entrusted with the critical tasks of investigating, managing, quantifying, validating, and dealing with losses arising from various contingencies, whether insured or not. They act on behalf of either the insurer or the insured, ensuring the accurate assessment and fair settlement of claims. Surveyors and loss assessors operate with high standards of competence, objectivity, and professional integrity, adhering strictly to the code of conduct stipulated under relevant laws and regulations.
Key Responsibilities of Surveyors and Loss Assessors
Surveyors and loss assessors perform a range of services to support the insurance process, including:
Investigation and Management: They thoroughly investigate incidents resulting in losses and manage the claims process to ensure accurate assessments.
Quantification and Validation: They quantify and validate the extent of losses, determining the appropriate compensation.
Inspection and Surveys: They conduct initial and follow-up inspections of damaged properties, performing spot and final surveys as needed.
Advisory Services: They advise insurers and insured parties on loss minimization, loss control, security, and safety measures to prevent future losses.
Regulatory Framework for Surveyors and Loss Assessors
The activities of surveyors and loss assessors in India are governed by several key regulations:
Section 64UM of the Insurance Act, 1938
IRDAI (Surveyors & Loss Assessors) Regulations, 2015
IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2017
IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2020
These regulations outline the requirements for licensing, conduct, and operational procedures for surveyors and loss assessors.
Steps to Obtain a Surveyor and Loss Assessor License
Enrollment Process
Create a User ID and Password: Log on to the IRDAI's Business Analytics and Processing (BAP) portal at www.irdabap.org.in and create a user account.
Submit Enrollment Application: Complete and submit the enrollment application along with the required documents through the BAP portal.
Examination
Once the enrollment application is approved, the candidate's name will be included in the list of eligible candidates for the Insurance Institute of India (III) exam. The applicant can then register for the exam in their chosen line of business.
Training
After passing the exam, the candidate must undergo training in the selected mode (either under a licensed surveyor or through institutional training).
Fresh License Application
Upon completing the required training, the candidate can submit an application for a fresh surveyor license along with the necessary documents via the BAP portal.
Renewal of Surveyor and Loss Assessor License
Surveyor licenses need to be renewed every three years. The renewal process involves:
Submission of Renewal Application: Log on to www.irdabap.org.in and submit the renewal application.
Documentation: Upload necessary documents, including the last three years' Form 12, a photo ID, address proof, membership certificate from the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), qualification certificates, and other relevant documents.
Payment of Fees: Pay the renewal fee of INR 1000. If the application is submitted within 30 days after the license expiry, a late fee of INR 100 applies. For applications submitted up to six months post-expiry, the late fee is INR 750.
Modification of Individual Surveyor License
Surveyors holding a valid license can apply for modifications, such as name correction, address change, or addition of lines of business (LOBs). The process involves:
Submission of Modification Application: Log on to www.irdabap.org.in and submit the necessary forms and documents.
Documentation: Depending on the modification type, required documents may include mark sheets, training reports, address proof, or name change notifications.
Surrender of Original License: The original license must be surrendered to the IRDAI's Surveyor department in Delhi.
Obtaining a Fresh Corporate Surveyor and Loss Assessor License
Eligibility and Requirements
Entities such as companies incorporated under the Companies Act, 2013, or Limited Liability Partnerships (LLPs) under the LLP Act, 2008, can apply for a corporate surveyor license. Key requirements include:
Licensed Directors/Partners: The entity must have at least two licensed surveyors as directors or partners.
Purpose and Naming: The entity's primary purpose must be to operate as a surveyor and loss assessor, and its name must reflect this role.
Application Process: Submit the application in Form 3AF through the BAP portal, ensuring all sections are complete and the fee of INR 5000 is paid.
License Validity
The corporate surveyor license is valid for three years, subject to renewal or earlier cancellation.
Renewal of Corporate Surveyor and Loss Assessor License
Application Process
Corporate surveyors must apply for renewal using Form IRDAI-6-AF through the BAP portal. The application should be submitted at least 30 days before the license expiry date.
Fees and Penalties
Standard Renewal Fee: INR 5000
Late Application Fee (within 30 days after expiry): INR 5100
Late Application Fee (up to six months post-expiry): INR 5750
Modifying a Corporate Surveyor and Loss Assessor License
Reasons for Modification
Modifications can be requested due to changes in directors/partners, shareholding patterns, or other material changes.
Application Process
Submit Form IRDAI-18-AF through the BAP portal within 15 days of the material change. No additional fee is required for modifications.
Conclusion
Surveyors and loss assessors play a crucial role in the insurance industry, providing essential services that ensure fair and accurate claim settlements. The regulatory framework established by the IRDAI ensures that these professionals maintain high standards of competence and integrity. By understanding the processes for obtaining, renewing, and modifying licenses, aspiring and practicing surveyors can navigate their roles effectively and contribute to the industry's reliability and trustworthiness. Whether operating as individuals or corporate entities, surveyors and loss assessors must adhere to stringent regulatory requirements to uphold the industry's standards and protect the interests of both insurers and insured parties.
Understanding the Role of a Surveyor and Loss Assessor
A surveyor and loss assessor is a specialized insurance intermediary licensed by the Insurance Regulatory and Development Authority of India (IRDAI). These professionals are entrusted with the critical tasks of investigating, managing, quantifying, validating, and dealing with losses arising from various contingencies, whether insured or not. They act on behalf of either the insurer or the insured, ensuring the accurate assessment and fair settlement of claims. Surveyors and loss assessors operate with high standards of competence, objectivity, and professional integrity, adhering strictly to the code of conduct stipulated under relevant laws and regulations.
Key Responsibilities of Surveyors and Loss Assessors
Surveyors and loss assessors perform a range of services to support the insurance process, including:
Investigation and Management: They thoroughly investigate incidents resulting in losses and manage the claims process to ensure accurate assessments.
Quantification and Validation: They quantify and validate the extent of losses, determining the appropriate compensation.
Inspection and Surveys: They conduct initial and follow-up inspections of damaged properties, performing spot and final surveys as needed.
Advisory Services: They advise insurers and insured parties on loss minimization, loss control, security, and safety measures to prevent future losses.
Regulatory Framework for Surveyors and Loss Assessors
The activities of surveyors and loss assessors in India are governed by several key regulations:
Section 64UM of the Insurance Act, 1938
IRDAI (Surveyors & Loss Assessors) Regulations, 2015
IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2017
IRDAI (Surveyors & Loss Assessors) (Amendment) Regulations, 2020
These regulations outline the requirements for licensing, conduct, and operational procedures for surveyors and loss assessors.
Steps to Obtain a Surveyor and Loss Assessor License
Enrollment Process
Create a User ID and Password: Log on to the IRDAI's Business Analytics and Processing (BAP) portal at www.irdabap.org.in and create a user account.
Submit Enrollment Application: Complete and submit the enrollment application along with the required documents through the BAP portal.
Examination
Once the enrollment application is approved, the candidate's name will be included in the list of eligible candidates for the Insurance Institute of India (III) exam. The applicant can then register for the exam in their chosen line of business.
Training
After passing the exam, the candidate must undergo training in the selected mode (either under a licensed surveyor or through institutional training).
Fresh License Application
Upon completing the required training, the candidate can submit an application for a fresh surveyor license along with the necessary documents via the BAP portal.
Renewal of Surveyor and Loss Assessor License
Surveyor licenses need to be renewed every three years. The renewal process involves:
Submission of Renewal Application: Log on to www.irdabap.org.in and submit the renewal application.
Documentation: Upload necessary documents, including the last three years' Form 12, a photo ID, address proof, membership certificate from the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA), qualification certificates, and other relevant documents.
Payment of Fees: Pay the renewal fee of INR 1000. If the application is submitted within 30 days after the license expiry, a late fee of INR 100 applies. For applications submitted up to six months post-expiry, the late fee is INR 750.
Modification of Individual Surveyor License
Surveyors holding a valid license can apply for modifications, such as name correction, address change, or addition of lines of business (LOBs). The process involves:
Submission of Modification Application: Log on to www.irdabap.org.in and submit the necessary forms and documents.
Documentation: Depending on the modification type, required documents may include mark sheets, training reports, address proof, or name change notifications.
Surrender of Original License: The original license must be surrendered to the IRDAI's Surveyor department in Delhi.
Obtaining a Fresh Corporate Surveyor and Loss Assessor License
Eligibility and Requirements
Entities such as companies incorporated under the Companies Act, 2013, or Limited Liability Partnerships (LLPs) under the LLP Act, 2008, can apply for a corporate surveyor license. Key requirements include:
Licensed Directors/Partners: The entity must have at least two licensed surveyors as directors or partners.
Purpose and Naming: The entity's primary purpose must be to operate as a surveyor and loss assessor, and its name must reflect this role.
Application Process: Submit the application in Form 3AF through the BAP portal, ensuring all sections are complete and the fee of INR 5000 is paid.
License Validity
The corporate surveyor license is valid for three years, subject to renewal or earlier cancellation.
Renewal of Corporate Surveyor and Loss Assessor License
Application Process
Corporate surveyors must apply for renewal using Form IRDAI-6-AF through the BAP portal. The application should be submitted at least 30 days before the license expiry date.
Fees and Penalties
Standard Renewal Fee: INR 5000
Late Application Fee (within 30 days after expiry): INR 5100
Late Application Fee (up to six months post-expiry): INR 5750
Modifying a Corporate Surveyor and Loss Assessor License
Reasons for Modification
Modifications can be requested due to changes in directors/partners, shareholding patterns, or other material changes.
Application Process
Submit Form IRDAI-18-AF through the BAP portal within 15 days of the material change. No additional fee is required for modifications.
Conclusion
Surveyors and loss assessors play a crucial role in the insurance industry, providing essential services that ensure fair and accurate claim settlements. The regulatory framework established by the IRDAI ensures that these professionals maintain high standards of competence and integrity. By understanding the processes for obtaining, renewing, and modifying licenses, aspiring and practicing surveyors can navigate their roles effectively and contribute to the industry's reliability and trustworthiness. Whether operating as individuals or corporate entities, surveyors and loss assessors must adhere to stringent regulatory requirements to uphold the industry's standards and protect the interests of both insurers and insured parties.
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