Understanding the Role of a Surveyor and Loss Assessor

A surveyor and loss assessor operates as a specialized intermediary in the insurance sector, sanctioned by the Insurance Regulatory and Development Authority of India (IRDAI). These professionals play a crucial role in analyzing, managing, measuring, and verifying losses from various insured or uninsured events, acting on behalf of either insurers or insured to ensure precise and equitable claim settlements. They uphold a high degree of professionalism, objectivity, and adhere to a strict code of conduct as per legal and regulatory mandates.

Key Responsibilities of Surveyors and Loss Assessors

• Investigation and Management: Conduct thorough investigations following loss incidents and manage the claims process to assure accurate assessments.
• Quantification and Validation: Quantify and confirm the extent of the loss, determining fair compensation.
• Inspection and Surveys: Perform initial and follow-up property inspections, executing spot and final surveys when required.
• Advisory Services: Offer guidance on minimizing losses, control measures, and security for preventing future losses.

Regulatory Framework for Surveyors and Loss Assessors

The functioning of surveyors and loss assessors in India is controlled by key regulations:

• Section 64UM of the Insurance Act, 1938
• IRDAI (Surveyors & Loss Assessors) Regulations, 2015
• Amendment Regulations of 2017 & 2020

These regulations define criteria for licensing, conduct, and the operational protocol for surveyors and loss assessors.

Steps to Obtain a Surveyor and Loss Assessor License

• Enrollment Process: Create a user account on the IRDAI's Business Analytics and Processing (BAP) portal.
• Submit Enrollment Application: Complete and submit the enrollment form with necessary documents via the BAP portal.
• Examination: On approval, eligible candidates appear for the Insurance Institute of India (III) exam for their chosen business line.
• Training: Post-exam, the candidate must undergo training under a licensed surveyor or through institutional means.
• Fresh License Application: After training, apply for a fresh surveyor license with required documents through the BAP portal.

Renewal of Surveyor and Loss Assessor License

Surveyor licenses must be renewed every three years via:

• Submission of Renewal Application: Use the BAP portal to submit the application.
• Documentation: Provide necessary documents including Form 12, photo ID, address proof, and membership certificates.
• Payment of Fees: The renewal fee is INR 1000, with additional late fees if processed post-expiry.

Modification of Individual Surveyor License

Surveyors can modify their license (e.g., name correction, address change) by:

• Submission of Modification Application: Apply via the BAP portal with required documentation.
• Surrender Original License: Original license must be returned to IRDAI's Delhi office.

Obtaining a Fresh Corporate Surveyor and Loss Assessor License

Eligibility and Requirements: Companies from the Companies Act, 2013, or LLPs can apply for a corporate license, requiring:

• Licensed Directors/Partners: At least two must be licensed surveyors.
• Purpose and Naming: The entity's main function must be as a surveyor and loss assessor. Name must indicate this role.
• Application Process: Submit Form 3AF via the BAP portal and pay INR 5000.

License Validity: The corporate license is valid for three years, subject to renewal or possible earlier cancellation.

Renewal of Corporate Surveyor and Loss Assessor License

• Application Process: Use Form IRDAI-6-AF via the BAP portal, submitted at least 30 days prior to expiry.
• Fees and Penalties: Renewal fee of INR 5000, with late fees if overdue.

Modifying a Corporate Surveyor and Loss Assessor License

Reasons for Modification: Changes in directors/partners or shareholding patterns warrant notification.

• Application Process: Form IRDAI-18-AF must be filed within 15 days of change with no additional fee.

Conclusion

Surveyors and loss assessors are instrumental in the insurance industry, ensuring accurate and fair claim resolutions. IRDAI's regulatory framework maintains high standards of professionalism and integrity. Understanding the processes to obtain, renew, and amend licenses aids surveyors in fulfilling their roles effectively, enhancing the insurance industry's reliability and trust. Whether working individually or as corporate entities, adherence to stringent regulatory requirements ensures the protection of interests for both insurers and insured entities.